Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0222%/8h= +24.3% APRpaid last 24h +0.031%

Price spread now: Pacifica against Gate−0.011%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$670.667% of the position

Long on Gate Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now −0.011%, 7d avg +0.022%

Together, before fees−0.002%+ Points / potential airdropPacifica: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.033% cheaper against Gate than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.022%). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.090% in total) that is about 2.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.090% in total (about 4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.009147	−0.0122	get 0.0061% / 4h	3h 15m	$3.7M	$18.2M	75x
Short	Pacifica PENGU	0.009146	0.0100	get 0.0013% / 1h	15m 49s	$139K	$234K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.011%Rate

Funding earned: $46.62
Price spread: −0.011% → +0.022%: −$3.3
Slippage, 4 orders: −$43.73
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$23.41
Costs to cover: 0.667%
Break-even: 10.5 days

Slippage from Gate: live order book, 3 min ago; Pacifica: live order book, 17 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, 3 min ago	2.73 bp	15.6 bp −$16	41.4 bp −$414	doesn't fit	doesn't fit
Sell Pacifica live order book, 17 min ago	2.76 bp	13.0 bp −$13	doesn't fit	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
Gate PENGU_USDTlong	−0.0122%	4h	0.009147	long leg	$3.7M	$18.2M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009147	−0.001%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.914%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009165	+0.197%	$329K	$769K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009165	+0.197%	$9.4M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009157	+0.108%	$131K	$771K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.009146	−0.011%	$139K	$234K	5x
Binance PENGUUSDT	+0.0100%	4h	0.009153	+0.068%	$40.7M	$196.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009144	−0.033%	$24.7M	$47.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009142	−0.055%	$8.3M	$58.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009160	+0.142%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009155	+0.087%	$11.7M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009153	+0.066%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009162	+0.164%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009151	+0.044%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009153	+0.066%	$299K	$377K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009151	+0.046%	$946K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009160	+0.142%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009148	+0.011%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009149	+0.027%	$644K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009159	+0.131%	$24K	$335K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009371	+2.449%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009160	+0.142%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009167	+0.219%	$96K	$417K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009150	+0.035%	$188K	$747K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009155	+0.087%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009145	−0.027%	$309	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0296%	1h	0.009164	+0.186%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009153	+0.066%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009163	+0.175%	$210	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009165	+0.197%	$340K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009145	−0.022%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1555%	1h	0.009148	+0.008%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009225	+0.853%	$81K	$73K	50x	as long as short