Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: BingX against gTrade (Gains Network)+0.031%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.031% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008890	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	7m 51s	$33K	—	150x
Short	BingX PENGU-USDT	0.008893	0.0100	get 0.0050% / 4h	1h 07m	—	$3.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now +0.031%Rate

Funding earned: $19.52
Price spread: +0.031% → 0.000%: $3.1
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $2.63
Costs to cover: 0.200%
Break-even: 6.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BingX: live order book, 5 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	0.56 bp	9.2 bp −$9	14.2 bp −$142	46.8 bp −$4,677	263.7 bp −$131.9K

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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008895	+0.049%	$19K	$21K	5x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008890	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.139%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008900	+0.112%	$339K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008895	+0.054%	$203	$141	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0087%	1h	0.008895	+0.054%	$1K	$27K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008898	+0.087%	$316K	$724K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008888	−0.025%	$617K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008900	+0.110%	$8.5M	$17.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008897	+0.081%	$108K	$830K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008897	+0.076%	$133K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008896	+0.062%	$38.2M	$197.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008891	+0.009%	$23.9M	$47.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008889	−0.014%	$8.4M	$56.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008890	−0.003%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008892	+0.020%	$3.6M	$18.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008894	+0.042%	$12.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008894	+0.042%	$5.3M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008900	+0.110%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008893	+0.031%	—	$3.5M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008893	+0.031%	$297K	$402K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008859	−0.349%	$878K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008868	−0.250%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008867	−0.261%	$80K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008893	+0.031%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009108	+2.449%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008894	+0.042%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008905	+0.166%	$92K	$350K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008890	−0.007%	$179K	$746K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008893	+0.031%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.008891	+0.012%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008878	−0.138%	$1.6M	$5.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0359%	1h	0.008869	−0.239%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008982	+1.032%	$82K	$89K	50x	as long as short