Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h −0.007%

Price spread now: Gate against gTrade (Gains Network)−0.088%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 Gate

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. Gate is 0.088% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.088% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 4.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008827	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	21m 37s	$33K	—	150x
Short	Gate PENGU_USDT	0.008819	0.0078	get 0.0039% / 4h	21m 37s	$3.3M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.088%Rate

Funding earned: $14.9
Price spread: −0.088% → 0.000%: −$8.83
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$18.92
Costs to cover: 0.250%
Break-even: 15.9 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	2.27 bp	18.9 bp −$19	51.0 bp −$510	doesn't fit	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	0.008833	+0.070%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008827	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.428%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDTshort	+0.0078%	4h	0.008819	−0.088%	$3.3M	$15.7M	75x
Lighter PENGU	+0.0096%	1h	0.008819	−0.088%	$314K	$719K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008830	+0.036%	$23K	$118K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008835	+0.099%	$596K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008821	−0.066%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008822	−0.053%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008814	−0.145%	$155K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008812	−0.166%	$36.9M	$163.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008805	−0.247%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008802	−0.281%	$7.4M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.150%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008811	−0.179%	$10.8M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008817	−0.111%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008819	−0.088%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008818	−0.100%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008813	−0.156%	$292K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008840	+0.148%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008868	+0.466%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008843	+0.184%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009047	+2.495%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008825	−0.020%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008840	+0.150%	$92K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.075%	$185K	$941K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008841	+0.161%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008822	−0.054%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008828	+0.018%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008820	−0.077%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0363%	1h	0.008834	+0.083%	$346K	$2.3M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0492%	1h	0.008825	−0.020%	$119K	—	100x	as long as short
dYdX PENGU-USD	+0.0507%	1h	0.008822	−0.058%	$12K	$5K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.396%	$96K	$62K	50x	as long as short