Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2604%/8h= −285.1% APRpaid last 24h −0.624%

Price spread now: HTX against Coinbase International−0.011%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.592%−$159 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$78 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.592% in total (about -83.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008940	0.2704	pay 0.0338% / 1h	21m 10s	$94K	$62K	50x
Short	HTX PENGU-USDT	0.008939	0.0100	get 0.0050% / 4h	3h 21m	$93K	$378K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Coinbase International. 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 Coinbase InternationalbpFee HTXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$546.84
Price spread: −0.011% → 0.000%: −$1.12
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$569.96
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; HTX: live order book, 32 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 Coinbase International no order-book sample	—	—	—	—	—
Sell HTX live order book, 32 min ago	8.81 bp	98.5 bp −$98	doesn't fit	doesn't fit	doesn't fit

Coinbase International: 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	0.008919	−0.235%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008923	−0.187%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.689%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0035%	1h	0.008930	−0.107%	$12K	$5K	5x	as long as short
Gate PENGU_USDT	+0.0048%	4h	0.008905	−0.391%	$3.3M	$16.5M	75x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008935	−0.056%	$204	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008922	−0.201%	$325K	$752K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008933	−0.078%	$599K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008912	−0.313%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008918	−0.251%	$137K	$643K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008927	−0.145%	$136K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008914	−0.296%	$38.0M	$172.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008904	−0.403%	$23.7M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008907	−0.369%	$7.8M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008930	−0.112%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008912	−0.313%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008920	−0.224%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008909	−0.347%	$8.7M	$13.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008904	−0.403%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008907	−0.369%	$298K	$328K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008894	−0.516%	$928K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008910	−0.335%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008925	−0.168%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008921	−0.213%	$23K	$108K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009131	+2.136%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008917	−0.257%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008939	−0.011%	$93K	$378K	25x
Extended PENGU-USD	+0.0104%	1h	0.008913	−0.307%	$184K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008908	−0.358%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008927	−0.144%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008911	−0.324%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008922	−0.201%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0613%	1h	0.008923	−0.188%	$326K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2704%	1h	0.008940	long leg	$94K	$62K	50x