Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against OKX+0.016%7-day average — · you sell dearer than you buy

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

Long on OKX 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008796	0.0100	pay 0.0050% / 4h	1h 05m	$7.6M	$47.2M	50x
Short	gTrade (Gains Network) PENGU/USD	0.008797	L +0.0007% / S −0.0003%	get 0.0000% / 1h	5m 07s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against OKX. 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 OKXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.016%Rate

Funding earned: −$20.35
Price spread: +0.016% → 0.000%: $1.65
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$38.71
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: 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 OKX live order book, 4 min ago	0.57 bp	6.7 bp −$7	25.1 bp −$251	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 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	−0.0606%	1h	0.008805	+0.105%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0284%	4h	0.008791	−0.057%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0191%	4h	0.008794	−0.023%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008797	+0.011%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008798	+0.023%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	−0.133%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008797	+0.016%	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.080%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0058%	1h	0.008791	−0.051%	$684K	$759K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0083%	1h	0.008796	0.000%	$314K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008798	+0.023%	$309K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008800	+0.045%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008803	+0.074%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	−0.080%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008797	+0.015%	$36.6M	$153.5M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008796	long leg	$7.6M	$47.2M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	+0.011%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	+0.034%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008800	+0.045%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008785	−0.125%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008796	−0.001%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	−0.114%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008797	+0.011%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009003	+2.353%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008797	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008810	+0.159%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−0.014%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−0.011%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008797	+0.011%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008796	+0.005%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008793	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008799	+0.034%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.342%	$95K	$105K	50x	as long as short