Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.075%

Price spread now: Gate against Reya+0.026%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Gate is 0.026% dearer against Reya than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008885	0.0239	pay 0.0030% / 1h	29m 14s	$300	—	10x
Short	Gate PENGU_USDT	0.008887	0.0068	get 0.0034% / 4h	29m 14s	$3.3M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Reya. 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 ReyabpFee GatebpOrdersPrice spread, now +0.026%Rate

Funding earned: −$35.9
Price spread: +0.026% → 0.000%: $2.57
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$54.33
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Gate: live order book, 4 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	2.28 bp	23.6 bp −$24	54.2 bp −$542	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008886	+0.009%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.077%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDTshort	+0.0068%	4h	0.008887	+0.026%	$3.3M	$15.7M	75x
01 Exchange PENGUUSD	+0.0088%	1h	0.008870	−0.166%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0088%	1h	0.008890	+0.060%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008885	+0.003%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008890	+0.060%	$23K	$123K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008875	−0.104%	$597K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008880	−0.053%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008881	−0.043%	$123K	$588K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008860	−0.278%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008880	−0.053%	$37.1M	$162.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008874	−0.121%	$23.6M	$39.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008871	−0.154%	$7.4M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−0.166%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	−0.008%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008862	−0.256%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008891	+0.071%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008879	−0.064%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008863	−0.244%	$294K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.605%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008854	−0.349%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−1.089%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009103	+2.457%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008886	+0.014%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008901	+0.183%	$93K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008885	+0.005%	$182K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008881	−0.042%	$205K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0239%	1h	0.008885	long leg	$300	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008871	−0.154%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0360%	1h	0.008894	+0.105%	$348K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0494%	1h	0.008867	−0.197%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008885	+0.003%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008886	+0.014%	$95K	$61K	50x	as long as short