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 +0.027%

Price spread now: Orderly against gTrade (Gains Network)−0.035%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 Orderly

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. Orderly is 0.035% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 30 hours 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	0.008784	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	7m 32s	$33K	—	150x
Short	Orderly PERP_PENGU_USDC	0.008781	0.0100	get 0.0050% / 4h	1h 07m	$23K	$186K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.035%Rate

Funding earned: $19.52
Price spread: −0.035% → 0.000%: −$3.51
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.02
Costs to cover: 0.160%
Break-even: 7.0 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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	0.008789	+0.057%	$368K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0319%	1h	0.008781	−0.035%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0288%	4h	0.008776	−0.092%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0186%	4h	0.008777	−0.081%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008780	−0.046%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0063%	4h	0.008782	−0.020%	$803K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008784	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.056%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0064%	1h	0.008776	−0.092%	$683K	$759K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0094%	1h	0.008782	−0.024%	$313K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008782	−0.024%	$308K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008782	−0.024%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008786	+0.024%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008780	−0.046%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008784	−0.001%	$36.5M	$153.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−0.001%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008779	−0.058%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008782	−0.024%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008786	+0.022%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008777	−0.081%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008796	+0.135%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008798	+0.158%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008781	−0.035%	$23K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009004	+2.504%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	−0.058%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008804	+0.227%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008775	−0.107%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.046%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008788	+0.044%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008777	−0.075%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008798	+0.158%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008785	+0.010%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.274%	$95K	$105K	50x	as long as short