Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0410%/8h= +44.9% APRpaid last 24h +0.014%

Price spread now: Lighter against Gate−0.171%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.171%, 7d avg +0.049%

Together, before fees+0.197%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.219% cheaper against Gate than usual: you would sell low and buy high (spread −0.171% now, against its 7-day average of +0.049%). If the spread goes back, that is −$22 on $10k: about 43 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.100% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008796	−0.0314	get 0.0157% / 4h	1h 28m	$3.5M	$15.5M	75x
Short	Lighter PENGU	0.008781	0.0096	get 0.0012% / 1h	28m 18s	$308K	$735K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.171%Rate

Funding earned: $86.1
Price spread: −0.171% → +0.049%: −$21.92
Slippage, 4 orders: −$41.42
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.76
Costs to cover: 0.564%
Break-even: 6.4 days

Slippage from Gate: live order book, 5 min ago; Lighter: live order book, 52 min ago.

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, 5 min ago	2.28 bp	19.9 bp −$20	46.2 bp −$462	doesn't fit	doesn't fit
Sell Lighter live order book, 52 min ago	2.30 bp	8.3 bp −$8	60.5 bp −$605	doesn't fit	doesn't fit

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	−0.078%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDTlong	−0.0314%	4h	0.008796	long leg	$3.5M	$15.5M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008786	−0.114%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0138%	4h	0.008763	−0.375%	$22.8M	$36.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008811	+0.171%	$202	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008793	−0.029%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	−0.200%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.921%	$3K	$81K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008781	−0.171%	$308K	$735K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008802	+0.068%	$681K	$757K	5x	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	0.008798	+0.023%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.009%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.091%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008778	−0.203%	$36.6M	$152.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008767	−0.330%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008783	−0.148%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008789	−0.080%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008767	−0.330%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008790	−0.068%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008807	+0.125%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.217%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.091%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008787	−0.102%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009015	+2.490%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008778	−0.205%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.250%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008783	−0.144%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008782	−0.159%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0142%	1h	0.008808	+0.140%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008791	−0.056%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008804	+0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008793	−0.034%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.694%	$95K	$105K	50x	as long as short