Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: HTX against Orderly+0.156%7-day average +0.287% · you sell dearer than you buy

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

Long on Orderly Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$24 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now +0.156%, 7d avg +0.287%

Together, before fees+0.303%+$30 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 0.131% cheaper against Orderly than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.287%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008999	0.0100	pay 0.0050% / 4h	52m 26s	$23K	$256K	20x
Short	HTX PENGU-USDT	0.009013	0.0100	get 0.0050% / 4h	52m 26s	$93K	$404K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Orderly. 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 OrderlybpFee HTXbpOrdersPrice spread, now +0.156%Rate

Funding earned: $0
Price spread: +0.156% → +0.287%: −$13.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$31.11
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; HTX: live order book, 51 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 Orderly no order-book sample	—	—	—	—	—
Sell HTX live order book, 51 min ago	19.25 bp	133.5 bp −$134	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	0.009003	+0.044%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	−0.013%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.334%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	−0.111%	$79K	$252K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009019	+0.222%	$323K	$769K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009009	+0.111%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009009	+0.111%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009004	+0.056%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009007	+0.089%	$39.2M	$190.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008996	−0.033%	$24.0M	$44.6M	75x	as long as short

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	0.008995	−0.044%	$7.9M	$54.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009000	+0.011%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008993	−0.067%	$3.6M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009000	+0.011%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009012	+0.144%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009006	+0.078%	$8.6M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008995	−0.044%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009002	+0.033%	$292K	$369K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008962	−0.413%	$913K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.282%	$473K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008999	0.000%	$634K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008999	long leg	$23K	$256K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.434%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009013	+0.156%	$93K	$404K	25x
Extended PENGU-USD	+0.0104%	1h	0.008994	−0.054%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	−0.022%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009000	+0.007%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0296%	1h	0.009005	+0.067%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	+0.100%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0371%	1h	0.008999	+0.003%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0352%	1h	0.008994	−0.056%	$103K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	+0.078%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.511%	$80K	$70K	50x	as long as short