Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.055%

Price spread now: HTX against Deribit+0.266%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on HTX

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 for this trade now. Funding pays +$9 a day on $10k at the current rate, and HTX is 0.266% dearer against Deribit than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008661	−0.0212	get 0.0027% / 1h	27m 47s	$19K	$9K	10x
Short	HTX PENGU-USDT	0.008684	0.0100	get 0.0050% / 4h	2h 27m	$91K	$249K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now +0.266%Rate

Funding earned: $65.52
Price spread: +0.266% → 0.000%: $26.56
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $73.08
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; HTX: live order book, 58 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell HTX live order book, 58 min ago	9.10 bp	185.6 bp −$186	doesn't fit	doesn't fit	doesn't fit

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	−0.0552%	1h	0.008667	+0.069%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0352%	4h	0.008666	+0.058%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0212%	1h	0.008661	long leg	$19K	$9K	10x
Bybit PENGUUSDT	−0.0138%	4h	0.008658	−0.035%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.623%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0052%	1h	0.008659	−0.023%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	+0.077%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008661	+0.002%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0008%	1h	0.008660	−0.012%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008668	+0.081%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008661	+0.006%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008673	+0.139%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008672	+0.131%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	+0.058%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008668	+0.085%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008662	+0.012%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008666	+0.058%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008667	+0.069%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008674	+0.150%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008669	+0.092%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008663	+0.024%	$793K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008671	+0.115%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008673	+0.139%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008662	+0.012%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008870	+2.413%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008657	−0.046%	$978	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008684	+0.266%	$91K	$249K	25x
Extended PENGU-USD	+0.0104%	1h	0.008670	+0.099%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008655	−0.069%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008655	−0.071%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008661	0.000%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008660	−0.012%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.432%	$92K	$96K	50x	as long as short