Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h +0.041%

Price spread now: Bitget against Deribit+0.088%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Bitget is 0.088% dearer against Deribit than usual: you sell high and buy low (spread +0.088% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.009135	0.0298	pay 0.0037% / 1h	52m 02s	$1K	$29K	10x
Short	Bitget PENGUUSDT	0.009143	0.0100	get 0.0050% / 4h	3h 52m	$8.8M	$15.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$41.58
Price spread: +0.088% → 0.000%: $8.76
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$51.82
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	1.10 bp	11.9 bp −$12	37.2 bp −$372	doesn't fit	doesn't fit

Deribit: 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	0.009089	−0.503%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.788%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0044%	4h	0.009129	−0.066%	$3.8M	$17.5M	75x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009139	+0.044%	$143K	$753K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009116	−0.208%	$138K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009138	+0.033%	$40.2M	$196.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009126	−0.099%	$24.6M	$46.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009129	−0.066%	$8.2M	$58.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009140	+0.055%	$18K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009144	+0.099%	$11.4M	$12.9M	125x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PENGUUSDTM	+0.0100%	4h	0.009133	−0.022%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.009143	+0.088%	$8.8M	$15.1M	75x
BingX PENGU-USDT	+0.0100%	4h	0.009137	+0.022%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009134	−0.011%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009070	−0.712%	$936K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009087	−0.528%	$479K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009068	−0.733%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009150	+0.164%	$650K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009128	−0.077%	$23K	$318K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009346	+2.310%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009126	−0.099%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009155	+0.219%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009126	−0.096%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009125	−0.109%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0123%	1h	0.009143	+0.088%	$9.3M	$16.8M	5x	as long as short
dYdX PENGU-USD	+0.0135%	1h	0.009107	−0.310%	$12K	$6K	5x	as long as short
Lighter PENGU	+0.0136%	1h	0.009137	+0.022%	$329K	$747K	8x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009134	−0.014%	$308	—	10x	as long as short
Deribit PENGU_USDC-PERPETUALlong	+0.0298%	1h	0.009135	long leg	$1K	$29K	10x
BloFin PENGU-USDT	+0.0340%	4h	0.009125	−0.109%	$1.6M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009134	−0.008%	$352K	$2.6M	50x	as long as short
01 Exchange PENGUUSD	+0.0432%	1h	0.009151	+0.175%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009132	−0.033%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.832%	$81K	$74K	50x	as long as short