A touch substrate and a display panel are provided. The touch substrate includes first touch electrodes and second touch electrodes; the first touch electrodes are arranged along a first direction and extend along a second direction, and the second touch electrodes are arranged along the second direction and extend along the first direction; each first touch electrode includes a first touch sub-electrode and a first connection electrode, the first connection electrode is between two adjacent first touch sub-electrodes, the two adjacent first touch sub-electrodes are electrically connected through the first connection electrode; the first touch sub-electrode and the first connection electrode are in different conductive layers; the first touch sub-electrode is at least partially in the first functional region of the touch substrate and outside the opening peripheral region, the first connection electrode includes a first connection sub-electrode that is at least partially in the opening peripheral region.