Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.061%

Price spread now: Deribit against HTX−0.227%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Deribit

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.227% cheaper against HTX than usual: you would sell low and buy high (−$23 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	HTX PENGU-USDT	0.008818	0.0100	pay 0.0050% / 4h	2h 04m	$94K	$337K	25x
Short	Deribit PENGU_USDC-PERPETUAL	0.008798	0	get 0.0000% / 1h	4m 30s	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$21
Price spread: −0.227% → 0.000%: −$22.68
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$62.68
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 63 min ago; Deribit: no order-book sample. 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 HTX live order book, 63 min ago	10.05 bp	27.6 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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 33 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
Deribit PENGU_USDC-PERPETUALshort	0.0000%	1h	0.008798	−0.227%	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	+0.023%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.329%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008824	+0.068%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008826	+0.091%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008797	−0.238%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	+0.034%	$595K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008824	+0.068%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008805	−0.151%	$138K	$521K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008815	−0.034%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008826	+0.090%	$37.5M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008820	+0.023%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	+0.045%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.023%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008817	−0.011%	$3.4M	$15.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008824	+0.068%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	+0.091%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008827	+0.102%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008817	−0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−0.284%	$301K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	−0.057%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.281%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.068%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.132%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008799	−0.215%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008818	long leg	$94K	$337K	25x
Extended PENGU-USD	+0.0104%	1h	0.008818	+0.005%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.318%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	−0.125%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008825	+0.075%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0332%	1h	0.008812	−0.067%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008819	+0.011%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.690%	$95K	$94K	50x	as long as short