Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.101%

Price spread now: gTrade (Gains Network) against BloFin−0.138%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on gTrade (Gains Network)

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—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and gTrade (Gains Network) is 0.138% cheaper against BloFin than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.009106	0.0340	pay 0.0170% / 4h	1h 20m	$1.6M	$4.9M	75x
Short	gTrade (Gains Network) PENGU/USD	0.009093	L +0.0007% / S −0.0003%	get 0.0000% / 1h	20m 38s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against BloFin. 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 BloFinbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.138%Rate

Funding earned: −$70.78
Price spread: −0.138% → 0.000%: −$13.84
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$106.62
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 3 min ago; gTrade (Gains Network): no order-book sample. 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 BloFin live order book, 3 min ago	1.10 bp	12.4 bp −$12	18.7 bp −$187	46.7 bp −$4,668	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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/USDshort	L +0.0007% / S −0.0003%	1h	0.009093	−0.138%	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.481%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009123	+0.187%	$327K	$768K	8x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009117	+0.117%	$144K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009116	+0.110%	$138K	$276K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009118	+0.137%	$39.8M	$189.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009107	+0.011%	$24.1M	$44.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009114	+0.088%	$8.0M	$55.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009130	+0.264%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009118	+0.132%	$3.5M	$17.3M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENGU_USDT	+0.0100%	4h	0.009119	+0.143%	$11.2M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009114	+0.088%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009120	+0.154%	$8.8M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009106	0.000%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009095	−0.121%	$310K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009080	−0.287%	$926K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009090	−0.171%	$482K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009093	−0.143%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009094	−0.132%	$641K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009096	−0.110%	$23K	$231K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009321	+2.361%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009096	−0.110%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009116	+0.110%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009117	+0.119%	$187K	$525K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009092	−0.154%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009097	−0.103%	$307	—	10x	as long as short
Hyperliquid PENGU	+0.0258%	1h	0.009120	+0.154%	$9.2M	$16.3M	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0300%	1h	0.009100	−0.066%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009128	+0.242%	$209	$60	5x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.009106	long leg	$1.6M	$4.9M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0444% / S −0.0368%	1h	0.009096	−0.110%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0606%	1h	0.009099	−0.077%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0670%	1h	0.009103	−0.034%	$340K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.318%	$80K	$70K	50x	as long as short