# Borrow PENGU: rates on every exchange

Annualised margin borrow rates for PENGU at VIP 0, and whether borrowing it to collect negative funding pays after every cost.

Updated 2026-10-29 19:05 UTC · https://afterfees.xyz/borrow/PENGU

## PENGU borrow rates by exchange

| Exchange | Now | 24 h avg | 7-day avg | Rate counted | Per-account limit | Platform remaining | Status |
|---|---|---|---|---|---|---|---|
| [OKX](https://afterfees.xyz/venues/okx) | 9.60% | 9.37% | 9.43% | 9.60% | $40.3K | not published | Borrowable |
| [Bybit](https://afterfees.xyz/venues/bybit) | 11.82% | 11.24% | 11.23% | 11.82% | $62.3K | not published | Borrowable |
| [Bitget](https://afterfees.xyz/venues/bitget) | 12.54% | 7.70% | 6.60% | 12.54% | $220.8K | $37.6K | Borrowable |
| [Binance](https://afterfees.xyz/venues/binance) | 50.48% | 45.94% | 46.80% | 50.48% | $10.3K | not published | Borrowable |
| [Gate](https://afterfees.xyz/venues/gate) | 66.61% | 65.62% | 65.47% | 66.61% * | $120K | not published | Borrowable |

_Annualised simply (hourly rate × 8,760). Rate counted = the higher of the current rate and the 24 h average, as in every calculation on AfterFees. * Gate: rate × the published VIP multiplier (inferred)._

## Reverse carry on PENGU: borrow and sell spot, long the perp

No reverse PENGU carry nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## PENGU perps, most negative funding first

| Exchange | Contract | Rate | Every | Annualised |
|---|---|---|---|---|
| [ApeX](https://afterfees.xyz/venues/apex) | PENGU-USDT | -0.0006% | 1 h | −5.2% |
| [dYdX](https://afterfees.xyz/venues/dydx) | PENGU-USD | 0.0000% | 1 h | 0.0% |
| [Gate](https://afterfees.xyz/venues/gate) | PENGU_USDT | 0.0018% | 4 h | +3.9% |
| [OKX](https://afterfees.xyz/venues/okx) | PENGU-USDT-SWAP | 0.0022% | 4 h | +4.8% |
| [Lighter](https://afterfees.xyz/venues/lighter) | PENGU | 0.0012% | 1 h | +10.5% |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | PENGUUSDTM | 0.0050% | 4 h | +10.9% |
| [MEXC](https://afterfees.xyz/venues/mexc) | PENGU_USDT | 0.0050% | 4 h | +10.9% |
| [Backpack](https://afterfees.xyz/venues/backpack) | PENGU_USDC_PERP | 0.0013% | 1 h | +10.9% |

## Coins

|   |   |
|---|---|
| Funding rates and every arbitrage on this coin | [PENGU](https://afterfees.xyz/coin/PENGU) |

## Questions

**Where is it cheapest to borrow PENGU?**

OKX, at 9.60% a year at the rate we count (the higher of the current rate and the 24 h average), among 5 exchanges that lend PENGU.

**Can I earn negative funding on PENGU by borrowing it?**

Not right now: no reverse PENGU carry covers its borrow interest, fees and slippage at $10,000 for 7 days.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._