Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.044%

Price spread now: Deribit against Bitget−0.055%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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 Deribit is 0.055% cheaper against Bitget 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	Bitget PENGUUSDT	0.009127	0.0100	pay 0.0050% / 4h	3h 57m	$8.8M	$14.9M	75x
Short	Deribit PENGU_USDC-PERPETUAL	0.009122	0.0079	get 0.0010% / 1h	57m 17s	$1K	$29K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$4.41
Price spread: −0.055% → 0.000%: −$5.48
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$28.89
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Deribit: no order-book sample. 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 Bitget live order book, 1 min ago	1.10 bp	13.2 bp −$13	26.4 bp −$264	96.0 bp −$9,597	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009114	−0.139%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.703%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALshort	+0.0079%	1h	0.009122	−0.055%	$1K	$29K	10x
Lighter PENGU	+0.0096%	1h	0.009128	+0.011%	$329K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009105	−0.241%	$646K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009114	−0.142%	$143K	$737K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009089	−0.416%	$137K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009122	−0.054%	$40.1M	$195.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009112	−0.164%	$24.5M	$46.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009115	−0.131%	$8.2M	$57.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009100	−0.296%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009097	−0.329%	$3.7M	$17.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009107	−0.219%	$11.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009104	−0.252%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009127	long leg	$8.8M	$14.9M	75x
BingX PENGU-USDC	+0.0100%	4h	0.009107	−0.219%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009052	−0.822%	$312K	$387K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009072	−0.600%	$934K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	−0.455%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009067	−0.657%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009120	−0.077%	$23K	$314K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009327	+2.191%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009121	−0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009127	0.000%	$94K	$414K	25x	as long as short
dYdX PENGU-USD	+0.0104%	1h	0.009088	−0.424%	$12K	$6K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009118	−0.102%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009116	−0.121%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0192%	1h	0.009114	−0.142%	$9.3M	$16.8M	5x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009103	−0.264%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009117	−0.110%	$1.7M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009128	+0.013%	$354K	$2.6M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009116	−0.121%	$104K	—	100x	as long as short
01 Exchange PENGUUSD	+0.0448%	1h	0.009104	−0.252%	$208	$41	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009233	+1.161%	$81K	$74K	50x	as long as short