Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against Bitget−0.142%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 7 days+0.073%+$7 · spread now −0.142%, 7d avg −0.097%

Together, before fees−0.049%−$5 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: Bybit is 0.045% cheaper against Bitget than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.009141	0.0100	pay 0.0050% / 4h	3h 22m	$8.9M	$15.2M	75x
Short	Bybit PENGUUSDT	0.009128	0.0100	get 0.0050% / 4h	3h 22m	$24.6M	$47.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now −0.142%Rate

Funding earned: $0
Price spread: −0.142% → −0.097%: −$4.55
Slippage, 4 orders: −$30.19
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.73
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from Bitget: live order book, 6 min ago; Bybit: live order book, 1 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 Bitget live order book, 6 min ago	1.10 bp	14.3 bp −$14	25.8 bp −$258	99.7 bp −$9,971	doesn't fit
Sell Bybit live order book, 1 min ago	0.55 bp	14.0 bp −$14	35.2 bp −$352	94.9 bp −$9,493	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
Gate PENGU_USDT	−0.0266%	4h	0.009129	−0.131%	$3.7M	$18.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009140	−0.011%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.851%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009148	+0.077%	$328K	$768K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009137	−0.046%	$649K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009141	0.000%	$9.4M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009141	0.000%	$131K	$770K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009139	−0.022%	$139K	$275K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009141	0.000%	$40.7M	$197.9M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.009128	−0.142%	$24.6M	$47.3M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009130	−0.120%	$8.2M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009140	−0.011%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009135	−0.066%	$11.7M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009131	−0.109%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009141	long leg	$8.9M	$15.2M	75x
BingX PENGU-USDC	+0.0100%	4h	0.009125	−0.175%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009144	+0.033%	$301K	$391K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009015	−1.381%	$923K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009062	−0.865%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.963%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009143	+0.022%	$24K	$335K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009362	+2.418%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009145	+0.044%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009146	+0.055%	$95K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009136	−0.059%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009139	−0.022%	$211K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0187%	1h	0.009149	+0.088%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009137	−0.047%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009139	−0.022%	$1.7M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009147	+0.066%	$260	$91	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009148	+0.077%	$339K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009141	0.000%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1776%	1h	0.009132	−0.096%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.766%	$81K	$73K	50x	as long as short