Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.035%

Price spread now: Gate against OKX−0.057%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.057%, 7d avg +0.004%

Together, before fees+0.007%+$1 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 0.060% cheaper against OKX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008814	0.0100	pay 0.0050% / 4h	2h 35m	$7.6M	$50.7M	50x
Short	Gate PENGU_USDT	0.008809	0.0100	get 0.0050% / 4h	2h 35m	$3.3M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against OKX. 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 OKXbpFee GatebpOrdersPrice spread, now −0.057%Rate

Funding earned: $0
Price spread: −0.057% → +0.004%: −$6.04
Slippage, 4 orders: −$34.14
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$65.17
Costs to cover: 0.591%
Break-even: never at this rate

Slippage from OKX: live order book, 3 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 OKX live order book, 3 min ago	0.57 bp	9.3 bp −$9	20.2 bp −$202	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.43 bp	20.2 bp −$20	48.0 bp −$480	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008770	−0.499%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	−0.034%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.284%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	−0.113%	$319K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.091%	$8.1M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008815	+0.006%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008809	−0.057%	$134K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008816	+0.022%	$37.2M	$176.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008812	−0.023%	$23.4M	$41.8M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008814	long leg	$7.6M	$50.7M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008810	−0.045%	$18K	$25K	5x	as long as short
Gate PENGU_USDTshort	+0.0100%	4h	0.008809	−0.057%	$3.3M	$16.4M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.008817	+0.034%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008814	0.000%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008818	+0.045%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008805	−0.102%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008775	−0.442%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	−0.611%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	−0.396%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	−0.420%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008815	+0.011%	$591K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008771	−0.488%	$23K	$158K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+1.838%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008763	−0.579%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008793	−0.238%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008809	−0.060%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	−0.613%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0175%	1h	0.008811	−0.033%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008811	−0.034%	$202	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008816	+0.026%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008771	−0.489%	$321K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008771	−0.488%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0422%	1h	0.008812	−0.023%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008788	−0.295%	$77K	$76K	50x	as long as short