Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.032%

Price spread now: Gate against Extended−0.056%7-day average +0.040% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$530.528% of the position

Long on Extended Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.320%+$32 · spread now −0.056%, 7d avg +0.040%

Together, before fees+0.238%+ Points / potential airdropExtended: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Gate is 0.096% cheaper against Extended than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENGU-USD	0.009171	0.0104	pay 0.0013% / 1h	12m 49s	$188K	$747K	10x
Short	Gate PENGU_USDT	0.009166	−0.0076	pay 0.0038% / 4h	3h 12m	$3.7M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Extended. 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 ExtendedbpFee GatebpOrdersPrice spread, now −0.056%Rate

Funding earned: −$37.8
Price spread: −0.056% → +0.040%: −$9.59
Slippage, 4 orders: −$32.81
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$100.2
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Extended: live order book, 20 min ago; Gate: live order book, 1 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 Extended live order book, 20 min ago	1.65 bp	10.4 bp −$10	91.5 bp −$915	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.28 bp	15.5 bp −$16	49.8 bp −$498	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_USDTshort	−0.0076%	4h	0.009166	−0.056%	$3.7M	$18.2M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009164	−0.082%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.167%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009171	−0.002%	$329K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009162	−0.100%	$650K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009181	+0.108%	$9.5M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009171	−0.001%	$132K	$771K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009175	+0.042%	$140K	$234K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009177	+0.061%	$40.8M	$196.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009175	+0.042%	$24.8M	$47.0M	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	0.009177	+0.064%	$8.4M	$58.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009180	+0.097%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009174	+0.031%	$11.7M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009172	+0.009%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009180	+0.097%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009160	−0.121%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009169	−0.023%	$303K	$374K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009151	−0.218%	$946K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009152	−0.212%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009151	−0.220%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009164	−0.078%	$24K	$341K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009378	+2.256%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009163	−0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009187	+0.173%	$96K	$417K	25x	as long as short
Extended PENGU-USDlong	+0.0104%	1h	0.009171	long leg	$188K	$747K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.009159	−0.132%	$212K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0186%	1h	0.009169	−0.023%	$1K	$28K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009158	−0.144%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009170	−0.012%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009185	+0.151%	$210	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009167	−0.044%	$339K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009163	−0.089%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1513%	1h	0.009172	+0.010%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009225	+0.587%	$81K	$73K	50x	as long as short