Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: HTX against Orderly+0.091%7-day average +0.289% · you sell dearer than you buy

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

Long on Orderly Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now +0.091%, 7d avg +0.289%

Together, before fees+0.368%+$37 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: HTX is 0.197% cheaper against Orderly than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of +0.289%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008775	0.0100	pay 0.0050% / 4h	3h 49m	$23K	$185K	20x
Short	HTX PENGU-USDT	0.008783	0.0100	get 0.0050% / 4h	3h 49m	$90K	$300K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Orderly. 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 OrderlybpFee HTXbpOrdersPrice spread, now +0.091%Rate

Funding earned: $0.08
Price spread: +0.091% → +0.289%: −$19.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$37.67
Costs to cover: 0.180%
Break-even: 3495.2 days

Slippage unknown: Orderly: no order-book sample; HTX: live order book, 23 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 Orderly no order-book sample	—	—	—	—	—
Sell HTX live order book, 23 min ago	9.74 bp	155.5 bp −$155	doesn't fit	doesn't fit	doesn't fit

Orderly: 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
Gate PENGU_USDT	−0.0470%	4h	0.008773	−0.023%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0435%	4h	0.008772	−0.034%	$22.9M	$37.2M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0394%	1h	0.008785	+0.117%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0293%	4h	0.008777	+0.024%	$871K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0160%	1h	0.008760	−0.171%	$200	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008777	+0.023%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	+0.0002%	1h	0.008774	−0.011%	$308K	$315K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	−0.019%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.160%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0083%	1h	0.008764	−0.125%	$697K	$779K	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	0.008776	+0.011%	$307K	$727K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008775	long leg	$23K	$185K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008778	+0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008780	+0.056%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008765	−0.114%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	+0.011%	$36.5M	$155.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008776	+0.011%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008773	−0.023%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008777	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008778	+0.034%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008774	−0.011%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008816	+0.469%	$467K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008779	+0.046%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008980	+2.336%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008783	+0.091%	$90K	$300K	25x
Extended PENGU-USD	+0.0104%	1h	0.008774	−0.009%	$181K	$691K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.114%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0104%	1h	0.008768	−0.076%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008768	−0.085%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008770	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0608%	1h	0.008774	−0.011%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	+0.376%	$94K	$103K	50x	as long as short