Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.035%

Price spread now: Gate against Pacifica−0.147%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$640.636% of the position

Long on Pacifica Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.147%, 7d avg −0.022%

Together, before fees+0.120%+ Points / potential airdropPacifica: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.125% cheaper against Pacifica than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008843	0.0100	pay 0.0013% / 1h	9m 05s	$135K	$273K	5x
Short	Gate PENGU_USDT	0.008830	0.0016	get 0.0008% / 4h	3h 09m	$3.3M	$16.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PacificabpFee GatebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$17.64
Price spread: −0.147% → −0.022%: −$12.46
Slippage, 4 orders: −$40.59
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$93.68
Costs to cover: 0.636%
Break-even: never at this rate

Slippage from Pacifica: live order book, 44 min ago; Gate: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Pacifica live order book, 44 min ago	2.76 bp	19.0 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.25 bp	17.5 bp −$18	47.6 bp −$476	doesn't fit	doesn't fit

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	−0.136%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008830	−0.151%	$33K	—	150x	as long as short
Gate PENGU_USDTshort	+0.0016%	4h	0.008830	−0.147%	$3.3M	$16.5M	75x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.611%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0060%	1h	0.008844	+0.016%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008832	−0.124%	$321K	$753K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008848	+0.057%	$202	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008841	−0.023%	$593K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008837	−0.068%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	−0.075%	$120K	$661K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGUlong	+0.0100%	1h	0.008843	long leg	$135K	$273K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008835	−0.095%	$37.5M	$173.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008827	−0.181%	$23.4M	$41.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008830	−0.147%	$7.6M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	−0.034%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008833	−0.113%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	−0.192%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008835	−0.090%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008826	−0.192%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008827	−0.181%	$295K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008857	+0.157%	$925K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	+0.690%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	+0.690%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008829	−0.158%	$23K	$124K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009041	+2.239%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008830	−0.147%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.215%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008824	−0.213%	$182K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	−0.204%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008828	−0.174%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008835	−0.090%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0415%	1h	0.008827	−0.181%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0619%	1h	0.008835	−0.093%	$323K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+1.255%	$94K	$59K	50x	as long as short