Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0466%/8h= −51.0% APRpaid last 24h −0.015%

Price spread now: Gate against Pacifica−0.161%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Pacifica Short on Gate

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)+0.213%+$21 · spread now −0.161%, 7d avg −0.023%

Together, before fees+0.102%+ Points / potential airdropPacifica: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Gate is 0.139% cheaper against Pacifica than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

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	Pacifica PENGU	0.008669	0.0100	pay 0.0013% / 1h	32m 59s	$143K	$232K	5x
Short	Gate PENGU_USDT	0.008655	−0.0366	pay 0.0183% / 4h	2h 32m	$3.4M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Pacifica. 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 PacificabpFee GatebpOrdersPrice spread, now −0.161%Rate

Funding earned: −$97.86
Price spread: −0.161% → −0.023%: −$13.88
Slippage, 4 orders: −$29.89
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$164.63
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Pacifica: live order book, 55 min ago; Gate: live order book, 1 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 Pacifica live order book, 55 min ago	1.71 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.04 bp	14.9 bp −$15	37.3 bp −$373	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	−0.0552%	1h	0.008665	−0.047%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDTshort	−0.0366%	4h	0.008655	−0.161%	$3.4M	$15.4M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008664	−0.058%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0179%	4h	0.008654	−0.173%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.531%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008658	−0.127%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−0.030%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	−0.046%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008670	+0.012%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−0.069%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008666	−0.035%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008665	−0.046%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008667	−0.025%	$171K	$448K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008669	long leg	$143K	$232K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008662	−0.081%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	−0.104%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	−0.081%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008660	−0.104%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008664	−0.058%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008662	−0.081%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.252%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	+0.033%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.035%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008665	−0.046%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008872	+2.342%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008661	−0.092%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008687	+0.208%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008661	−0.098%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	−0.104%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008663	−0.071%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	−0.058%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	−0.069%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.338%	$92K	$96K	50x	as long as short