Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0309%/8h= −33.8% APRpaid last 24h −0.060%

Price spread now: Deribit against Bitget−0.161%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Deribit is 0.161% cheaper against Bitget than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008716	0.0100	pay 0.0050% / 4h	11m 04s	$8.3M	$12.7M	75x
Short	Deribit PENGU_USDC-PERPETUAL	0.008702	−0.0209	pay 0.0026% / 1h	11m 04s	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$64.89
Price spread: −0.161% → 0.000%: −$16.06
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$99.95
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Deribit: 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 Bitget live order book, 2 min ago	1.14 bp	11.7 bp −$12	24.8 bp −$248	74.6 bp −$7,460	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0344%	1h	0.008710	−0.068%	$366K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0332%	4h	0.008709	−0.080%	$22.7M	$36.9M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008705	−0.126%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.261%	$859K	$927K	—	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008698	−0.207%	$199	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUALshort	−0.0209%	1h	0.008702	−0.161%	$18K	$10K	10x
Backpack PENGU_USDC_PERP	−0.0187%	1h	0.008700	−0.184%	$306K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.838%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0022%	1h	0.008707	−0.109%	$692K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008706	−0.112%	$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	+0.0019%	1h	0.008716	+0.004%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008721	+0.057%	$456K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008703	−0.149%	$304K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008703	−0.149%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008704	−0.138%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008708	−0.087%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008712	−0.046%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008713	−0.034%	$36.1M	$155.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008712	−0.046%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.069%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008714	−0.023%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008703	−0.149%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008716	long leg	$8.3M	$12.7M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008693	−0.264%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.149%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008915	+2.283%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008699	−0.195%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008718	+0.023%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008711	−0.054%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008697	−0.218%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008703	−0.150%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.115%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0683%	1h	0.008705	−0.126%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.597%	$93K	$103K	50x	as long as short