Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: HTX against Lighter+0.194%7-day average +0.237% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$1901.900% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.194%, 7d avg +0.237%

Together, before fees+0.229%+ Points / potential airdropLighter: Season 3 · farm board+$23 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: HTX is 0.044% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.237%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008785	0.0096	pay 0.0012% / 1h	51m 13s	$307K	$727K	8x
Short	HTX PENGU-USDT	0.008802	0.0100	get 0.0050% / 4h	3h 51m	$90K	$300K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Lighter. 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 LighterbpFee HTXbpOrdersPrice spread, now +0.194%Rate

Funding earned: $0.84
Price spread: +0.194% → +0.237%: −$4.35
Slippage, 4 orders: −$177.99
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$193.5
Costs to cover: 1.900%
Break-even: 1619.5 days

Slippage from Lighter: live order book, 19 min ago; HTX: live order book, 20 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 Lighter live order book, 19 min ago	3.44 bp	7.5 bp −$8	66.3 bp −$663	doesn't fit	doesn't fit
Sell HTX live order book, 20 min ago	9.74 bp	155.5 bp −$155	doesn't fit	doesn't fit	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	−0.0538%	4h	0.008780	−0.057%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0416%	4h	0.008772	−0.148%	$22.9M	$37.2M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008791	+0.067%	$368K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0319%	1h	0.008782	−0.034%	$18K	$10K	10x	as long as short
Variational Omni PENGU	−0.0293%	4h	0.008777	−0.089%	$871K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008776	−0.102%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008790	+0.052%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.046%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008785	long leg	$307K	$727K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008783	−0.023%	$23K	$185K	20x	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	0.008779	−0.063%	$698K	$778K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008782	−0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008794	+0.101%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008785	0.000%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008780	−0.057%	$36.5M	$155.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008776	−0.102%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.034%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008784	−0.011%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008786	+0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008776	−0.102%	$308K	$315K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008816	+0.354%	$467K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008817	+0.364%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008992	+2.356%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008802	+0.194%	$90K	$300K	25x
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.084%	$181K	$654K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.114%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0130%	1h	0.008789	+0.043%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008780	−0.053%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008782	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008790	+0.057%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008830	+0.512%	$94K	$104K	50x	as long as short