Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.2140%/8h= −234.3% APRpaid last 24h −0.689%

Price spread now: Gate against Coinbase International+0.065%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.939%−$194 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Gate is 0.065% dearer against Coinbase International than usual: you sell high and buy low (spread +0.065% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$64 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−1.939% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.009232	0.2088	pay 0.0261% / 1h	10m 00s	$79K	$85K	50x
Short	Gate PENGU_USDT	0.009238	−0.0052	pay 0.0026% / 4h	3h 10m	$3.8M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now +0.065%Rate

Funding earned: −$449.4
Price spread: +0.065% → 0.000%: $6.5
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$467.9
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 4 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	3.28 bp	15.5 bp −$16	49.8 bp −$498	doesn't fit	doesn't fit

Coinbase International: 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 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_USDTshort	−0.0052%	4h	0.009238	+0.065%	$3.8M	$18.2M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009187	−0.487%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.799%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009249	+0.184%	$331K	$770K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009241	+0.103%	$652K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009247	+0.162%	$9.6M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009232	+0.002%	$133K	$771K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009208	−0.260%	$140K	$234K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009234	+0.022%	$41.0M	$196.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009225	−0.076%	$25.0M	$47.1M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009228	−0.043%	$8.5M	$58.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009230	−0.022%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009247	+0.162%	$11.7M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009247	+0.162%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009240	+0.087%	$9.0M	$15.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009241	+0.097%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009242	+0.108%	$305K	$370K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009192	−0.433%	$949K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009152	−0.870%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009168	−0.693%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009241	+0.097%	$24K	$344K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009464	+2.513%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009246	+0.152%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009240	+0.087%	$97K	$417K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009234	+0.017%	$189K	$747K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009239	+0.076%	$213K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009197	−0.383%	$311	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009196	−0.390%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009248	+0.173%	$212	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0373%	1h	0.009255	+0.252%	$352K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0351%	1h	0.009238	+0.065%	$106K	—	100x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0507%	1h	0.009248	+0.173%	$1K	$28K	10x	as long as short
dYdX PENGU-USD	+0.1471%	1h	0.009210	−0.234%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2088%	1h	0.009232	long leg	$79K	$85K	50x