Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: HTX against Orderly+0.150%7-day average +0.296% · you sell dearer than you buy

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

Long on Orderly Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.237%+$24 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now +0.150%, 7d avg +0.296%

Together, before fees+0.316%+$32 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 0.147% cheaper against Orderly than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.296%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008691	0.0100	pay 0.0050% / 4h	2h 25m	$21K	$184K	20x
Short	HTX PENGU-USDT	0.008704	0.0100	get 0.0050% / 4h	2h 25m	$91K	$249K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Orderly. 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 OrderlybpFee HTXbpOrdersPrice spread, now +0.150%Rate

Funding earned: $0
Price spread: +0.150% → +0.296%: −$14.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$32.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; HTX: live order book, 61 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 Orderly no order-book sample	—	—	—	—	—
Sell HTX live order book, 61 min ago	9.10 bp	185.6 bp −$186	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	−0.0550%	1h	0.008693	+0.024%	$385K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008689	−0.023%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.276%	$3K	$81K	5.5x	as long as short
Bybit PENGUUSDT	−0.0083%	4h	0.008693	+0.023%	$22.5M	$35.9M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0029%	1h	0.008685	−0.069%	$310K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008695	+0.040%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008691	0.000%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008688	−0.034%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008703	+0.138%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008691	0.000%	$296K	$722K	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	0.008679	−0.132%	$673K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008698	+0.081%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008698	+0.075%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008695	+0.046%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008700	+0.100%	$36.0M	$151.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008698	+0.081%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008695	+0.046%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008697	+0.069%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008700	+0.104%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008684	−0.081%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008663	−0.321%	$793K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.242%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.219%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008691	long leg	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008893	+2.324%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008686	−0.058%	$980	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008704	+0.150%	$91K	$249K	25x
Extended PENGU-USD	+0.0104%	1h	0.008694	+0.036%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008685	−0.069%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008681	−0.111%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	−0.184%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008688	−0.035%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.082%	$92K	$96K	50x	as long as short