Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h −0.002%

Price spread now: Bitget against 01 Exchange+0.091%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 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 +$7 a day on $10k at the current rate, and Bitget is 0.091% dearer against 01 Exchange than usual: you sell high and buy low: +$9 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	01 Exchange PENGUUSD	0.008785	−0.0120	get 0.0015% / 1h	0m 41s	$201	$59	5x
Short	Bitget PENGUUSDT	0.008793	0.0100	get 0.0050% / 4h	1h 00m	$8.4M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against 01 Exchange. 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 01 ExchangebpFee BitgetbpOrdersPrice spread, now +0.091%Rate

Funding earned: $46.2
Price spread: +0.091% → 0.000%: $9.11
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $36.31
Costs to cover: 0.190%
Break-even: 1.5 days

Slippage unknown: 01 Exchange: no order-book sample; Bitget: live order book, 3 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.57 bp	13.4 bp −$13	29.1 bp −$291	71.4 bp −$7,141	doesn't fit

01 Exchange: 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	−0.0607%	1h	0.008787	+0.027%	$367K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0270%	4h	0.008787	+0.023%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0204%	4h	0.008782	−0.034%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSDlong	−0.0120%	1h	0.008785	long leg	$201	$59	5x
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008777	−0.091%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	−0.008%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008778	−0.085%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.046%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008771	−0.159%	$683K	$760K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0076%	1h	0.008788	+0.034%	$313K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008794	+0.102%	$308K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008777	−0.091%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.102%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008799	+0.157%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008790	+0.057%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	+0.042%	$36.5M	$153.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008786	+0.011%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008789	+0.046%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008792	+0.080%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008793	+0.091%	$8.4M	$12.6M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008788	+0.034%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.109%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	−0.034%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008988	+2.311%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008774	−0.125%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008791	+0.068%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008786	+0.009%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008773	−0.137%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0122%	1h	0.008797	+0.133%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008770	−0.165%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008782	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008779	−0.068%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.468%	$95K	$105K	50x	as long as short