Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: Binance against gTrade (Gains Network)−0.072%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.072% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008793	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	46m 03s	$33K	—	150x
Short	Binance PENGUUSDT	0.008787	0.0100	get 0.0050% / 4h	2h 46m	$37.2M	$156.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BinancebpOrdersPrice spread, now −0.072%Rate

Funding earned: $19.52
Price spread: −0.072% → 0.000%: −$7.2
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$7.67
Costs to cover: 0.200%
Break-even: 9.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Binance: live order book, 12 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Binance live order book, 12 min ago	0.57 bp	9.9 bp −$10	20.3 bp −$203	71.3 bp −$7,129	doesn't fit

gTrade (Gains Network): 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
Nado PENGU-PERP	−0.0142%	1h	0.008792	−0.010%	$536K	$926K	5x	as long as short
ApeX Omni PENGUUSDT	−0.0094%	1h	0.008841	+0.541%	$81K	$249K	50x	as long as short
Gate PENGU_USDT	−0.0052%	4h	0.008788	−0.061%	$3.4M	$15.4M	75x	as long as short
Variational Omni PENGU	−0.0050%	4h	0.008788	−0.060%	$876K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008795	+0.018%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008793	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.050%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008801	+0.086%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	+0.052%	$306K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008793	−0.005%	$19K	$174K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008795	+0.018%	$8.2M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.050%	$169K	$441K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.121%	$152K	$242K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008787	−0.072%	$37.2M	$156.9M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008780	−0.152%	$22.9M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008779	−0.164%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.075%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008785	−0.096%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008783	−0.118%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008788	−0.061%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008791	−0.027%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008787	−0.073%	$301K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.619%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009005	+2.406%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008792	−0.016%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.246%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008780	−0.155%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008799	+0.064%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0181%	1h	0.008811	+0.201%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008804	+0.117%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008790	−0.035%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.439%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008792	−0.016%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.974%	$95K	$104K	50x	as long as short