Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h +0.075%

Price spread now: Reya against Gate−0.083%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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.083% cheaper against Gate than usual: you would sell low and buy high (spread −0.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 43 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008795	0.0084	pay 0.0042% / 4h	1h 59m	$3.4M	$15.6M	75x
Short	Reya PENGURUSDPERP	0.008788	0.0238	get 0.0030% / 1h	59m 54s	$297	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.083%Rate

Funding earned: $32.44
Price spread: −0.083% → 0.000%: −$8.34
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Reya: 3 bp × 2 orders: −$6
Net: $3.09
Costs to cover: 0.210%
Break-even: 6.3 days

Slippage unknown: Gate: live order book, 4 min ago; Reya: 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	2.27 bp	17.3 bp −$17	53.3 bp −$533	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.0091%	1h	0.008789	−0.068%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008791	−0.047%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.068%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDTlong	+0.0084%	4h	0.008795	long leg	$3.4M	$15.6M	75x
Lighter PENGU	+0.0096%	1h	0.008792	−0.034%	$312K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008801	+0.068%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008789	−0.068%	$19K	$161K	20x	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	0.008790	−0.054%	$132K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008803	+0.091%	$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	0.008802	+0.077%	$37.4M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008802	+0.080%	$23.2M	$38.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008805	+0.114%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008799	+0.045%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008791	−0.045%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008806	+0.125%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008797	+0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008785	−0.114%	$301K	$285K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	−0.069%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.034%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	+0.148%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008799	+0.040%	$593K	$987K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.297%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008811	+0.182%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−0.001%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008782	−0.148%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008796	+0.012%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERPshort	+0.0238%	1h	0.008788	−0.083%	$297	—	10x
dYdX PENGU-USD	+0.0322%	1h	0.008806	+0.128%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008789	−0.068%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.956%	$95K	$94K	50x	as long as short