Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.006%

Price spread now: gTrade (Gains Network) against Gate−0.187%7-day average — · you buy dearer than you sell

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

Long on Gate Short on gTrade (Gains Network)

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.187% cheaper against Gate than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008817	0.0100	pay 0.0050% / 4h	2h 04m	$3.4M	$15.6M	75x
Short	gTrade (Gains Network) PENGU/USD	0.008800	L +0.0007% / S −0.0003%	get 0.0000% / 1h	4m 39s	$32K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Gate. 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 GatebpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.187%Rate

Funding earned: −$20.38
Price spread: −0.187% → 0.000%: −$18.75
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$64.13
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 4 min ago; gTrade (Gains Network): 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 Gate live order book, 4 min ago	2.84 bp	18.7 bp −$19	54.8 bp −$548	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

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 33 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	0.008798	−0.215%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008800	−0.187%	$32K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.318%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008824	+0.079%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008826	+0.102%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008797	−0.227%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008796	−0.241%	$593K	$989K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008806	−0.125%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	−0.215%	$138K	$521K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008815	−0.023%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008819	+0.017%	$37.5M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008817	0.000%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008825	+0.091%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.034%	$19K	$24K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.008817	long leg	$3.4M	$15.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.008819	+0.023%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008803	−0.159%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	+0.091%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008810	−0.079%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−0.272%	$301K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	−0.046%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.270%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.079%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.144%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008799	−0.204%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.011%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	+0.017%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.306%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	−0.113%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	−0.180%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0332%	1h	0.008812	−0.055%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	−0.170%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.701%	$95K	$94K	50x	as long as short