PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0422%/8h= −46.2% APRnext payment −$2.11 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Bitget−0.126%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.126%, 7d avg −0.099%

Together, before fees−0.100%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.027% cheaper against Bitget than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.099%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.119% in total (about -6.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.11 per $10,000. 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	Bitget PENGUUSDT	0.008744	0.0100	pay 0.0050% / 4h	16m 11s	$8.3M	$12.7M	75x
Short	Bybit PENGUUSDT	0.008733	−0.0322	pay 0.0161% / 4h	16m 11s	$22.7M	$36.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$88.67
Price spread: −0.126% → −0.099%: −$2.7
Slippage, 4 orders: −$23.09
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$137.46
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Bybit: live order book, 3 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 Bitget live order book, 2 min ago	1.14 bp	12.5 bp −$12	22.1 bp −$221	66.5 bp −$6,652	doesn't fit
Sell Bybit live order book, 3 min ago	0.57 bp	10.6 bp −$11	26.1 bp −$261	99.3 bp −$9,933	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	−0.0342%	1h	0.008748	+0.044%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDTshort	−0.0322%	4h	0.008733	−0.126%	$22.7M	$36.8M	75x
Gate PENGU_USDT	−0.0310%	4h	0.008735	−0.103%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0295%	4h	0.008731	−0.146%	$767K	$832K	—	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008733	−0.126%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0165%	1h	0.008738	−0.069%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.515%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008741	−0.034%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008743	−0.011%	$695K	$776K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.018%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0021%	1h	0.008747	+0.029%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0088%	4h	0.008733	−0.123%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008740	−0.046%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	−0.034%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008741	−0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008746	+0.019%	$188K	$470K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008742	−0.023%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008737	−0.074%	$36.2M	$154.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	−0.046%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008740	−0.046%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008743	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008744	long leg	$8.3M	$12.7M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008730	−0.160%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008744	0.000%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008954	+2.402%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008738	−0.069%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008760	+0.183%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008736	−0.088%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	−0.103%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	−0.076%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	−0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	−0.034%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.274%	$93K	$103K	50x	as long as short