Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.2828%/8h= +309.7% APRpaid last 24h +0.609%

Price spread now: Coinbase International against HTX+2.492%7-day average +0.504% · you sell dearer than you buy

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

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.564%+$156 on $10k

Price spread, last 3 days (all we have)−2.020%−$202 · spread now +2.492%, 7d avg +0.504%

Together, before fees−0.457%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$85 a day on $10k at the current rate, and Coinbase International is 1.988% dearer against HTX than usual: you sell high and buy low: +$199 more if the spread goes back to its 7-day average of +0.504%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.564% in total (about 81.5% 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	HTX PENGU-USDT	0.008749	0.0100	pay 0.0050% / 4h	53m 49s	$91K	$372K	25x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.2928	get 0.0366% / 1h	53m 49s	$95K	$61K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +2.492%Rate

Funding earned: $593.88
Price spread: +2.492% → +0.504%: $198.81
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $770.69
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: HTX: live order book, 4 min ago; Coinbase International: 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 HTX live order book, 4 min ago	15.46 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	−0.137%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008735	−0.160%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008741	−0.093%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0010%	4h	0.008733	−0.183%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.457%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008746	−0.034%	$200	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008741	−0.091%	$311K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008737	−0.137%	$23K	$133K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008744	−0.051%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008740	−0.103%	$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	0.008742	−0.080%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008749	0.000%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008737	−0.132%	$36.4M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008736	−0.149%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008736	−0.149%	$7.2M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.011%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008738	−0.126%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008740	−0.103%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008737	−0.137%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008738	−0.126%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008737	−0.137%	$298K	$295K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	−0.022%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.089%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008964	+2.457%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008737	−0.137%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008749	long leg	$91K	$372K	25x
Extended PENGU-USD	+0.0104%	1h	0.008734	−0.175%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008728	−0.240%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008743	−0.065%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008738	−0.126%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008745	−0.048%	$342K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0442%	1h	0.008753	+0.043%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008740	−0.103%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2928%	1h	0.008967	+2.492%	$95K	$61K	50x