Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1652%/8h= −180.9% APRpaid last 24h −0.636%

Price spread now: HTX against Coinbase International−1.089%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.606%−$161 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$50 a day on $10k at the current rate, and HTX is 1.089% cheaper against Coinbase International than usual: you would sell low and buy high (−$109 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.009185	0.1752	pay 0.0219% / 1h	1m 55s	$81K	$80K	50x
Short	HTX PENGU-USDT	0.009085	0.0100	get 0.0050% / 4h	2h 01m	$94K	$401K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Coinbase International. 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 Coinbase InternationalbpFee HTXbpOrdersPrice spread, now −1.089%Rate

Funding earned: −$346.92
Price spread: −1.089% → 0.000%: −$108.87
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$477.79
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; HTX: live order book, 46 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 Coinbase International no order-book sample	—	—	—	—	—
Sell HTX live order book, 46 min ago	5.09 bp	142.2 bp −$142	doesn't fit	doesn't fit	doesn't fit

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009068	−1.272%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.311%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009082	−1.121%	$334K	$759K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009080	−1.138%	$638K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009096	−0.969%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009076	−1.189%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009075	−1.198%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009072	−1.230%	$39.6M	$184.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009065	−1.306%	$24.0M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009068	−1.274%	$8.0M	$54.0M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009090	−1.034%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009077	−1.176%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009080	−1.143%	$11.1M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009084	−1.100%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009084	−1.100%	$8.7M	$13.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009073	−1.219%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009079	−1.154%	$298K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	−1.275%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	−1.027%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	−0.915%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009074	−1.208%	$23K	$192K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009291	+1.154%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009072	−1.230%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009085	−1.089%	$94K	$401K	25x
Extended PENGU-USD	+0.0104%	1h	0.009078	−1.167%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009070	−1.252%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009086	−1.081%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0280%	1h	0.009089	−1.045%	$208	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0301%	1h	0.009075	−1.198%	$1K	$29K	10x	as long as short
dYdX PENGU-USD	+0.0301%	1h	0.009069	−1.261%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0311%	1h	0.009088	−1.061%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009077	−1.176%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0390% / S −0.0291%	1h	0.009070	−1.252%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1752%	1h	0.009185	long leg	$81K	$80K	50x