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 −0.020%

Price spread now: Bybit against HTX−0.148%7-day average −0.326% · you buy dearer than you sell

Net, funding: paid 7d − costs−$196as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1611.607% of the position

Long on HTX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now −0.148%, 7d avg −0.326%

Together, before fees−0.533%−$53 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: Bybit is 0.178% dearer against HTX than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.326%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008756	0.0100	pay 0.0050% / 4h	54m 44s	$91K	$371K	25x
Short	Bybit PENGUUSDT	0.008743	0.0100	get 0.0050% / 4h	54m 44s	$23.1M	$39.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against HTX. 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 HTXbpFee BybitbpOrdersPrice spread, now −0.148%Rate

Funding earned: $0
Price spread: −0.148% → −0.326%: $17.79
Slippage, 4 orders: −$137.7
Fee HTX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$142.91
Costs to cover: 1.607%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Bybit: live order book, 4 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 HTX live order book, 3 min ago	15.46 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.57 bp	10.8 bp −$11	23.8 bp −$238	117.0 bp −$11.7K	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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	−0.217%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008744	−0.137%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0006%	4h	0.008747	−0.103%	$3.3M	$15.5M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.165%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.377%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008746	−0.114%	$200	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008754	−0.023%	$311K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008746	−0.114%	$23K	$134K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008739	−0.191%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008752	−0.046%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008753	−0.038%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008749	−0.080%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008748	−0.094%	$36.4M	$161.3M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008743	−0.148%	$23.1M	$39.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008741	−0.171%	$7.3M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.183%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	−0.114%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008749	−0.080%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008752	−0.046%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008747	−0.103%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008748	−0.091%	$299K	$295K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	−0.102%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.009%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.318%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.148%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008756	long leg	$91K	$371K	25x
Extended PENGU-USD	+0.0104%	1h	0.008749	−0.086%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008743	−0.148%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008736	−0.226%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008738	−0.206%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008753	−0.038%	$343K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0442%	1h	0.008753	−0.037%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008741	−0.171%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.410%	$95K	$61K	50x	as long as short