Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.006%

Price spread now: Bitget against 01 Exchange−0.046%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 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 −$1 a day on $10k at the current rate, and Bitget is 0.046% cheaper against 01 Exchange than usual: you would sell low and buy high (−$5 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	01 Exchange PENGUUSD	0.008774	0.0120	pay 0.0015% / 1h	1m 12s	$201	$64	5x
Short	Bitget PENGUUSDT	0.008770	0.0100	get 0.0050% / 4h	3h 01m	$8.5M	$13.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against 01 Exchange. 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 01 ExchangebpFee BitgetbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$4.2
Price spread: −0.046% → 0.000%: −$4.56
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$27.76
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Bitget: live order book, 2 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	1.14 bp	14.2 bp −$14	28.9 bp −$289	95.8 bp −$9,582	doesn't fit

01 Exchange: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008768	−0.068%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008766	−0.088%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008764	−0.114%	$3.3M	$16.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.171%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0071%	1h	0.008770	−0.048%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008771	−0.034%	$318K	$754K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008769	−0.057%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008775	+0.011%	$8.1M	$15.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008768	−0.066%	$119K	$662K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	−0.057%	$134K	$273K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008767	−0.078%	$37.2M	$174.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008763	−0.125%	$23.3M	$41.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008767	−0.080%	$7.6M	$49.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.046%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008767	−0.080%	$10.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008767	−0.080%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008770	−0.046%	$8.5M	$13.1M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008765	−0.103%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	−0.103%	$290K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008848	+0.843%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.742%	$469K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008796	+0.251%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008768	−0.068%	$23K	$132K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+2.302%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008766	−0.091%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008778	+0.046%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008763	−0.129%	$181K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008762	−0.137%	$202K	—	3x	as long as short
01 Exchange PENGUUSDlong	+0.0120%	1h	0.008774	long leg	$201	$64	5x
Reya PENGURUSDPERP	+0.0239%	1h	0.008767	−0.083%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	−0.011%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0415%	1h	0.008762	−0.137%	$125K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0624%	1h	0.008776	+0.026%	$321K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008886	+1.276%	$94K	$59K	50x	as long as short