Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.008%

Price spread now: Bybit against gTrade (Gains Network)−0.116%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 Bybit

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. Bybit is 0.116% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.116% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.2 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	0.008739	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	34m 03s	$32K	—	150x
Short	Bybit PENGUUSDT	0.008729	0.0100	get 0.0050% / 4h	2h 34m	$23.1M	$41.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.116%Rate

Funding earned: $19.52
Price spread: −0.116% → 0.000%: −$11.58
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$13.06
Costs to cover: 0.210%
Break-even: 11.7 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 10 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 Bybit live order book, 10 min ago	0.57 bp	8.4 bp −$8	21.2 bp −$212	97.1 bp −$9,711	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008740	+0.010%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008739	long leg	$32K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.571%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008745	+0.067%	$317K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008747	+0.090%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008742	+0.028%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008756	+0.193%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008735	−0.047%	$36.8M	$176.6M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008729	−0.116%	$23.1M	$41.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008730	−0.104%	$7.5M	$50.2M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.124%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008735	−0.047%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008743	+0.044%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008739	−0.001%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008735	−0.047%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008739	−0.001%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008736	−0.036%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	+0.241%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.458%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.433%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008745	+0.073%	$587K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008742	+0.033%	$22K	$161K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008950	+2.413%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008771	+0.365%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008727	−0.142%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008737	−0.024%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008760	+0.235%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008753	+0.159%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008739	+0.002%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008747	+0.089%	$320K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008822	+0.948%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0471%	1h	0.008738	−0.013%	$122K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.983%	$78K	$76K	50x	as long as short