Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2196%/8h= −240.5% APRpaid last 24h −0.593%

Price spread now: HTX against Coinbase International−2.052%7-day average −0.504% · you buy dearer than you sell

Net, funding: paid 7d − costs−$430as in the Funding arb table

Net, price: spread back to 7d avg − costs−$431as in the Price arb table

costs, in and out, $10k−$2762.764% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.532%−$153 on $10k

Price spread, last 3 days (all we have)+1.581%+$158 · spread now −2.052%, 7d avg −0.504%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$66 a day on $10k at the current rate, and HTX is 1.548% cheaper against Coinbase International than usual: you would sell low and buy high (−$155 if the spread goes back to its 7-day average of −0.504%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.532% in total (about -79.9% a year). A funding rate is set anew for every payment. 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	Coinbase International PENGU-PERP-INTX	0.008967	0.2296	pay 0.0287% / 1h	13m 56s	$95K	$90K	50x
Short	HTX PENGU-USDT	0.008783	0.0100	get 0.0050% / 4h	1h 13m	$92K	$354K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Coinbase International. 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 Coinbase InternationalbpFee HTXbpOrdersPrice spread, now −2.052%Rate

Funding earned: −$461.16
Price spread: −2.052% → −0.504%: −$154.83
Slippage, 4 orders: −$254.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$892.43
Costs to cover: 2.764%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 79 min ago; HTX: live order book, 49 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 Coinbase International live order book, 79 min ago	84.41 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 49 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	−0.0040%	1h	0.008766	−2.242%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008763	−2.275%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0004%	4h	0.008760	−2.308%	$3.3M	$15.7M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008762	−2.290%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.985%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008767	−2.230%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008764	−2.264%	$23K	$164K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008766	−2.236%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008770	−2.197%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008772	−2.169%	$121K	$579K	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	0.008770	−2.197%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008761	−2.302%	$36.5M	$160.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008761	−2.297%	$23.2M	$38.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008757	−2.342%	$7.3M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−2.197%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008761	−2.297%	$11.3M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008764	−2.264%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008765	−2.253%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008758	−2.331%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008764	−2.264%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008785	−2.032%	$873K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008782	−2.065%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	−2.063%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008981	+0.156%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008760	−2.308%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008783	−2.052%	$92K	$354K	25x
Extended PENGU-USD	+0.0104%	1h	0.008758	−2.335%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	−2.308%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0226%	1h	0.008769	−2.211%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008759	−2.324%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	−2.163%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008761	−2.297%	$131K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008771	−2.185%	$352K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2296%	1h	0.008967	long leg	$95K	$90K	50x