Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: HTX against Lighter+0.209%7-day average +0.224% · you sell dearer than you buy

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1731.730% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.209%, 7d avg +0.224%

Together, before fees+0.213%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.009077	0.0096	pay 0.0012% / 1h	3m 26s	$334K	$759K	8x
Short	HTX PENGU-USDT	0.009096	0.0100	get 0.0050% / 4h	2h 03m	$94K	$401K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Lighter. 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 LighterbpFee HTXbpOrdersPrice spread, now +0.209%Rate

Funding earned: $0.84
Price spread: +0.209% → +0.224%: −$1.46
Slippage, 4 orders: −$160.95
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$173.58
Costs to cover: 1.730%
Break-even: 1453.5 days

Slippage from Lighter: live order book, 41 min ago; HTX: live order book, 45 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 Lighter live order book, 41 min ago	1.70 bp	11.7 bp −$12	77.2 bp −$772	doesn't fit	doesn't fit
Sell HTX live order book, 45 min ago	5.09 bp	142.2 bp −$142	doesn't fit	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009082	+0.053%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.173%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.009077	long leg	$334K	$759K	8x
Hyperliquid PENGU	+0.0100%	1h	0.009085	+0.088%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009078	+0.008%	$120K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009073	−0.044%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009078	+0.011%	$39.7M	$184.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009067	−0.110%	$24.0M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009068	−0.099%	$8.0M	$53.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009080	+0.033%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009073	−0.044%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009076	−0.011%	$11.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009068	−0.099%	$5.2M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009074	−0.033%	$8.6M	$13.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009075	−0.022%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009071	−0.066%	$300K	$363K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	−0.100%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	+0.151%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.264%	$82K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009076	−0.011%	$638K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+0.011%	$23K	$188K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009295	+2.402%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009073	−0.044%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009096	+0.209%	$94K	$401K	25x
Extended PENGU-USD	+0.0104%	1h	0.009075	−0.018%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	−0.022%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009068	−0.099%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0280%	1h	0.009082	+0.055%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0289%	1h	0.009071	−0.071%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0301%	1h	0.009077	0.000%	$1K	$29K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0311%	1h	0.009081	+0.044%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009105	+0.308%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009081	+0.044%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.190%	$81K	$80K	50x	as long as short