Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: OKX against gTrade (Gains Network)+0.089%53s7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on OKX

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.089% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008778	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	47m 29s	$33K	—	150x
Short	OKX PENGU-USDT-SWAP	0.008786	0.0100	get 0.0050% / 4h	1h 47m	$7.7M	$47.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.089%Rate

Funding earned: $19.52
Price spread: +0.089% → 0.000%: $8.86
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $8.39
Costs to cover: 0.200%
Break-even: 4.0 days

Slippage unknown: gTrade (Gains Network): no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	0.57 bp	10.8 bp −$11	25.3 bp −$253	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
Kraken Futures PF_PENGUUSD	−0.0607%	1h	0.008783	+0.055%	$390K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0290%	4h	0.008778	−0.003%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008791	+0.146%	$201	$59	5x	as long as short
Bybit PENGUUSDT	−0.0018%	4h	0.008782	+0.043%	$22.8M	$36.1M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008781	+0.032%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008778	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.720%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0059%	1h	0.008783	+0.060%	$680K	$758K	5x	as long as short
dYdX PENGU-USD	+0.0079%	1h	0.008787	+0.097%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008787	+0.100%	$300K	$726K	8x	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	0.008790	+0.134%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008788	+0.115%	$174K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008785	+0.077%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	+0.123%	$36.4M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008786	+0.089%	$7.7M	$47.0M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.134%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	+0.089%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008784	+0.066%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008792	+0.157%	$8.4M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	+0.032%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008780	+0.020%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008761	−0.199%	$811K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008763	−0.173%	$458K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008766	−0.139%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008779	+0.009%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008985	+2.356%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008776	−0.025%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008792	+0.157%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008784	+0.062%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.037%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008782	+0.044%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	−0.059%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008780	+0.020%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008760	−0.208%	$92K	$102K	50x	as long as short