Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.075%

Price spread now: Gate against Reya+0.106%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Gate

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

The price spread pays, funding is against you. Gate is 0.106% dearer against Reya than usual: you sell high and buy low (spread +0.106% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008806	0.0239	pay 0.0030% / 1h	23m 04s	$297	—	10x
Short	Gate PENGU_USDT	0.008815	0.0074	get 0.0037% / 4h	23m 04s	$3.3M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Reya. 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 ReyabpFee GatebpOrdersPrice spread, now +0.106%Rate

Funding earned: −$34.65
Price spread: +0.106% → 0.000%: $10.63
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$45.02
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Gate: live order book, 6 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 6 min ago	2.81 bp	16.9 bp −$17	50.0 bp −$500	doesn't fit	doesn't fit

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 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	0.008816	+0.118%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008810	+0.046%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.189%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDTshort	+0.0074%	4h	0.008815	+0.106%	$3.3M	$15.7M	75x
Lighter PENGU	+0.0096%	1h	0.008821	+0.174%	$314K	$719K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008815	+0.106%	$23K	$120K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008808	+0.027%	$594K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.186%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008812	+0.069%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008810	+0.050%	$155K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008815	+0.106%	$36.9M	$163.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008815	+0.106%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008816	+0.118%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.050%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008814	+0.095%	$10.8M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008815	+0.106%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008818	+0.140%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008816	+0.118%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	+0.106%	$292K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008840	+0.389%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008868	+0.707%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008843	+0.424%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009020	+2.434%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008813	+0.084%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008823	+0.197%	$92K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008811	+0.063%	$185K	$946K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008810	+0.050%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008810	+0.050%	$204K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0239%	1h	0.008806	long leg	$297	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008820	+0.163%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0363%	1h	0.008822	+0.182%	$345K	$2.3M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0584%	1h	0.008807	+0.015%	$120K	—	100x	as long as short
dYdX PENGU-USD	+0.0515%	1h	0.008810	+0.045%	$12K	$5K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.639%	$96K	$62K	50x	as long as short