Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against HTX−0.238%7-day average −0.236% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1901.900% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.238%, 7d avg −0.236%

Together, before fees−0.175%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008833	0.0100	pay 0.0050% / 4h	3h 33m	$91K	$295K	25x
Short	Lighter PENGU	0.008812	0.0096	get 0.0012% / 1h	33m 02s	$308K	$727K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.238%Rate

Funding earned: −$0.84
Price spread: −0.238% → −0.236%: −$0.17
Slippage, 4 orders: −$177.99
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$191
Costs to cover: 1.900%
Break-even: never at this rate

Slippage from HTX: live order book, 39 min ago; Lighter: live order book, 37 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, 39 min ago	9.74 bp	15.7 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 37 min ago	3.44 bp	11.3 bp −$11	75.2 bp −$752	doesn't fit	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	−0.0392%	1h	0.008819	−0.160%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.081%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008821	−0.136%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008808	−0.283%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0178%	4h	0.008809	−0.272%	$3.4M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	−0.251%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.498%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0083%	1h	0.008817	−0.181%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008817	−0.177%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0092%	4h	0.008826	−0.078%	$468K	$2.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGUshort	+0.0096%	1h	0.008812	−0.238%	$308K	$727K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008811	−0.249%	$23K	$183K	20x	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	−0.238%	$305K	$323K	10x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008812	−0.238%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008816	−0.190%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−0.136%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008815	−0.204%	$36.8M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008810	−0.260%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008811	−0.249%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.147%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008811	−0.249%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008812	−0.238%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008819	−0.158%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008813	−0.226%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	−0.068%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009026	+2.185%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008807	−0.294%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008833	long leg	$91K	$295K	25x
Extended PENGU-USD	+0.0104%	1h	0.008805	−0.320%	$183K	$950K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008799	−0.385%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.217%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008812	−0.238%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008810	−0.260%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.340%	$94K	$103K	50x	as long as short