Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0408%/8h= +44.7% APRpaid last 24h +0.015%

Price spread now: Pacifica against Gate+0.011%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$650.651% of the position

Long on Gate Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.011%, 7d avg +0.022%

Together, before fees+0.027%+ Points / potential airdropPacifica: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.111% in total (about 5.8% 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	0.008822	−0.0308	get 0.0154% / 4h	1h 38m	$3.5M	$15.5M	75x
Short	Pacifica PENGU	0.008823	0.0100	get 0.0013% / 1h	38m 46s	$151K	$238K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.011%Rate

Funding earned: $85.68
Price spread: +0.011% → +0.022%: −$1.05
Slippage, 4 orders: −$42.14
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $19.49
Costs to cover: 0.651%
Break-even: 5.4 days

Slippage from Gate: live order book, 5 min ago; Pacifica: live order book, 44 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	2.27 bp	16.2 bp −$16	41.1 bp −$411	doesn't fit	doesn't fit
Sell Pacifica live order book, 44 min ago	2.87 bp	12.0 bp −$12	doesn't fit	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	−0.0604%	1h	0.008834	+0.137%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDTlong	−0.0308%	4h	0.008822	long leg	$3.5M	$15.5M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	+0.023%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008836	+0.159%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0067%	4h	0.008815	−0.079%	$22.9M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008835	+0.146%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.213%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	−0.063%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008824	+0.023%	$302K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008836	+0.159%	$684K	$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	0.008823	+0.011%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.096%	$175K	$465K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008823	+0.011%	$151K	$238K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008823	+0.011%	$36.6M	$151.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008816	−0.068%	$7.7M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.204%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008821	−0.011%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008829	+0.079%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	−0.011%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008824	+0.023%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008823	+0.011%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.034%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.023%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008828	+0.068%	$24K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009044	+2.516%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.238%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	+0.016%	$182K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008820	−0.023%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0143%	1h	0.008824	+0.026%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008831	+0.099%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008819	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008835	+0.147%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008936	+1.292%	$95K	$105K	50x	as long as short