Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.034%

Price spread now: Orderly against Gate−0.011%7-day average −0.009% · you buy dearer than you sell

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

Long on Gate Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.011%, 7d avg −0.009%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.009089	0.0100	pay 0.0050% / 4h	3h 54m	$3.8M	$17.4M	75x
Short	Orderly PERP_PENGU_USDC	0.009088	0.0100	get 0.0050% / 4h	3h 54m	$23K	$314K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → −0.009%: −$0.18
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.18
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; 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 Gate live order book, 5 min ago	3.31 bp	15.3 bp −$15	40.8 bp −$408	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009088	−0.011%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009089	0.000%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.301%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0080%	1h	0.009116	+0.301%	$12K	$6K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009105	+0.176%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009106	+0.187%	$143K	$739K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009104	+0.165%	$138K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009110	+0.227%	$40.1M	$196.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009101	+0.132%	$24.5M	$46.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009104	+0.165%	$8.2M	$57.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009110	+0.231%	$18K	$25K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.009089	long leg	$3.8M	$17.4M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009092	+0.033%	$11.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009093	+0.044%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009114	+0.275%	$8.8M	$15.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009088	−0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009093	+0.044%	$312K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009070	−0.209%	$936K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	−0.039%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009067	−0.242%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009106	+0.187%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009088	−0.011%	$23K	$314K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009303	+2.354%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009090	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009119	+0.330%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009108	+0.213%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009082	−0.077%	$210K	—	3x	as long as short
Lighter PENGU	+0.0208%	1h	0.009096	+0.077%	$328K	$747K	8x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009102	+0.146%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009065	−0.264%	$1.6M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0380%	1h	0.009093	+0.042%	$351K	$2.6M	50x	as long as short
01 Exchange PENGUUSD	+0.0432%	1h	0.009117	+0.308%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009091	+0.022%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.342%	$81K	$74K	50x	as long as short