PENGU arbitrage explained
Right now Pudgy Penguins (PENGU) trades on 12 venues we scan: 11 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on Variational perp at $0.00852 and the highest bid on HTX perp at $0.00855.
The widest PENGU perpetual spread is between Variational and HTX: long PENGU on Variational at $0.00852 and short on HTX at $0.00855 for +0.35% gross, or +0.19% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.009% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best PENGU route is to buy spot on Gate and short the perpetual on HTX: +0.21% gross, +0.01% net, with +0.015% a day of funding on the short leg.
Spot–spot PENGU arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows +0.11% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small PENGU gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: PENGU funding rates · PENGU spread charts · Pudgy Penguins price · arbitrage scanner for all coins.