Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.034%

Price spread now: Lighter against Gate+0.079%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.079%, 7d avg +0.049%

Together, before fees+0.024%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.030% dearer against Gate than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008817	0.0100	pay 0.0050% / 4h	2h 04m	$3.4M	$15.6M	75x
Short	Lighter PENGU	0.008824	0.0096	get 0.0012% / 1h	4m 28s	$313K	$709K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$0.84
Price spread: +0.079% → +0.049%: $3.03
Slippage, 4 orders: −$56.67
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$69.48
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 60 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 Gate live order book, 4 min ago	2.84 bp	18.7 bp −$19	54.8 bp −$548	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	3.92 bp	9.2 bp −$9	71.0 bp −$710	doesn't fit	doesn't fit

PENGU on 33 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	0.008798	−0.215%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	+0.035%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.318%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008824	+0.079%	$313K	$709K	8x
01 Exchange PENGUUSD	+0.0096%	1h	0.008826	+0.102%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008797	−0.227%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	+0.045%	$595K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008824	+0.079%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008805	−0.140%	$138K	$521K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008815	−0.023%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008826	+0.101%	$37.5M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008820	+0.034%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	+0.057%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.034%	$19K	$24K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.008817	long leg	$3.4M	$15.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.008824	+0.079%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	+0.102%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008827	+0.113%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008817	0.000%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−0.272%	$301K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	−0.046%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.270%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.079%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.144%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008799	−0.204%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.011%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	+0.017%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.306%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	−0.113%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008825	+0.087%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0332%	1h	0.008812	−0.055%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008819	+0.023%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.701%	$95K	$94K	50x	as long as short