Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.002%

Price spread now: 01 Exchange against Bitget−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 Bitget Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 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 −$3 a day on $10k at the current rate, and 01 Exchange is 0.046% 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	0.008718	0.0100	pay 0.0050% / 4h	2h 20m	$8.2M	$12.5M	75x
Short	01 Exchange PENGUUSD	0.008714	0.0016	get 0.0002% / 1h	20m 36s	$199	$59	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.046%Rate

Funding earned: −$17.64
Price spread: −0.046% → 0.000%: −$4.59
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$41.23
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 min ago; 01 Exchange: 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, 3 min ago	1.15 bp	14.9 bp −$15	22.7 bp −$227	63.9 bp −$6,389	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

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
Kraken Futures PF_PENGUUSD	−0.0548%	1h	0.008725	+0.081%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008712	−0.069%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008719	+0.011%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−0.034%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	−0.014%	$12K	$4K	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008708	−0.115%	$22.6M	$35.9M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008719	+0.012%	$33K	—	150x	as long as short
01 Exchange PENGUUSDshort	+0.0016%	1h	0.008714	−0.046%	$199	$59	5x
Backpack PENGU_USDC_PERP	+0.0025%	1h	0.008717	−0.011%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008715	−0.034%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008716	−0.017%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008727	+0.103%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008720	+0.023%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008716	−0.023%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008713	−0.059%	$36.0M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008713	−0.057%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008714	−0.046%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008716	−0.023%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008718	long leg	$8.2M	$12.5M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008714	−0.046%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.502%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	−0.195%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008702	−0.184%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008720	+0.023%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008927	+2.397%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008716	−0.023%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008730	+0.138%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008710	−0.087%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008716	−0.023%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008708	−0.115%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.092%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008720	+0.023%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.046%	$93K	$96K	50x	as long as short