Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: HTX against Bitget+0.343%46s7-day average +0.232% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$990.985% of the position

Long on Bitget Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$21 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.343%, 7d avg +0.232%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.111% dearer against Bitget than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.232%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008739	0.0100	pay 0.0050% / 4h	1h 42m	$8.2M	$12.4M	75x
Short	HTX PENGU-USDT	0.008769	0.0100	get 0.0050% / 4h	1h 42m	$91K	$348K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.343%Rate

Funding earned: $0
Price spread: +0.343% → +0.232%: $11.1
Slippage, 4 orders: −$74.51
Fee Bitget: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$87.41
Costs to cover: 0.985%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; HTX: live order book, 20 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, 1 min ago	0.57 bp	11.8 bp −$12	24.1 bp −$241	81.7 bp −$8,170	doesn't fit
Sell HTX live order book, 20 min ago	14.73 bp	24.0 bp −$24	doesn't fit	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
01 Exchange PENGUUSD	−0.0008%	1h	0.008744	+0.057%	$200	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008757	+0.206%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008736	−0.037%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0028%	4h	0.008750	+0.126%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.572%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008755	+0.183%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008756	+0.195%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008738	−0.011%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008735	−0.046%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008754	+0.177%	$131K	$575K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008752	+0.149%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	+0.074%	$36.6M	$159.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008739	0.000%	$23.3M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008733	−0.069%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.126%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008739	0.000%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008746	+0.080%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008739	long leg	$8.2M	$12.4M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008743	+0.046%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	+0.217%	$300K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−0.435%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.580%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008710	−0.332%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008958	+2.506%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008758	+0.217%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008769	+0.343%	$91K	$348K	25x
Extended PENGU-USD	+0.0104%	1h	0.008747	+0.088%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008746	+0.080%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0200%	1h	0.008750	+0.124%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008731	−0.095%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008749	+0.114%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008753	+0.160%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008767	+0.317%	$359K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.609%	$95K	$94K	50x	as long as short