Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.033%

Price spread now: Gate against Nado−0.039%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.526% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now −0.039%, 7d avg −0.007%

Together, before fees−0.124%+ Points / potential airdropNado: Active · farm board−$12 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: Gate is 0.031% cheaper against Nado than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.009090	0.0100	pay 0.0012% / 1h	5m 59s	$641K	$1.1M	5x
Short	Gate PENGU_USDT	0.009087	0.0100	get 0.0050% / 4h	1h 05m	$3.7M	$17.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Nado. 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 NadobpFee GatebpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.007%: −$3.12
Slippage, 4 orders: −$30.61
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.73
Costs to cover: 0.526%
Break-even: 50226341360776.4 days

Slippage from Nado: live order book, 2 min ago; Gate: live order book, 3 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 Nado live order book, 2 min ago	2.21 bp	8.8 bp −$9	22.1 bp −$221	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.32 bp	19.8 bp −$20	52.9 bp −$529	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009086	−0.045%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.317%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009093	+0.028%	$326K	$772K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009090	long leg	$641K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009083	−0.080%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009061	−0.325%	$137K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009085	−0.061%	$39.6M	$190.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009076	−0.160%	$24.3M	$44.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009081	−0.105%	$8.0M	$55.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.105%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDTshort	+0.0100%	4h	0.009087	−0.039%	$3.7M	$17.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009086	−0.050%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009090	−0.006%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009089	−0.017%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009084	−0.072%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009090	−0.006%	$297K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	−0.502%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009042	−0.532%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.413%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009088	−0.028%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009316	+2.481%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009087	−0.039%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009113	+0.248%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009081	−0.103%	$186K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	−0.171%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0190%	1h	0.009092	+0.017%	$1K	$29K	10x	as long as short
Hyperliquid PENGU	+0.0200%	1h	0.009099	+0.094%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009093	+0.024%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009102	+0.127%	$208	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009063	−0.303%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009052	−0.424%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0562%	1h	0.009062	−0.317%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0671%	1h	0.009090	−0.005%	$337K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.490%	$80K	$70K	50x	as long as short