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 0.000%

Price spread now: Bitget against HTX−0.215%46s7-day average −0.237% · you buy dearer than you sell

Net, funding: paid 7d − costs−$222as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2002.004% of the position

Long on HTX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.215%, 7d avg −0.237%

Together, before fees−0.222%−$22 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: Bitget is 0.022% dearer against HTX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.237%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008848	0.0100	pay 0.0050% / 4h	50m 29s	$92K	$250K	25x
Short	Bitget PENGUUSDT	0.008829	0.0100	get 0.0050% / 4h	50m 29s	$8.4M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.215%Rate

Funding earned: $0
Price spread: −0.215% → −0.237%: $2.23
Slippage, 4 orders: −$176.44
Fee HTX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$198.21
Costs to cover: 2.004%
Break-even: never at this rate

Slippage from HTX: live order book, 26 min ago; Bitget: live order book, 3 min ago.

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, 26 min ago	13.61 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.70 bp	13.2 bp −$13	22.7 bp −$227	71.2 bp −$7,125	doesn't fit

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	−0.0339%	1h	0.008839	−0.100%	$367K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0244%	4h	0.008825	−0.260%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0221%	4h	0.008819	−0.328%	$22.9M	$36.6M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	−0.460%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008823	−0.283%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.667%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008832	−0.181%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008833	−0.167%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008834	−0.161%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0074%	1h	0.008823	−0.277%	$689K	$761K	5x	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	0.008838	−0.113%	$309K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008834	−0.158%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008823	−0.283%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	−0.141%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	−0.170%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008827	−0.234%	$36.7M	$153.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	−0.294%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.316%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008829	−0.215%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008837	−0.124%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008829	−0.215%	$8.4M	$12.6M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008826	−0.249%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008825	−0.260%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	−0.136%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008830	−0.203%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009045	+2.226%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008829	−0.215%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008848	long leg	$92K	$250K	25x
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.318%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008832	−0.181%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.328%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	−0.260%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008834	−0.158%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.023%	$94K	$104K	50x	as long as short