Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against Binance+0.078%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 7 days−0.095%−$9 · spread now +0.078%, 7d avg +0.030%

Together, before fees−0.163%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 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: Hyperliquid is 0.048% dearer against Binance than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008958	0.0100	pay 0.0050% / 4h	3h 34m	$38.3M	$171.4M	75x
Short	Hyperliquid PENGU	0.008965	0.0100	get 0.0013% / 1h	34m 14s	$8.4M	$14.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.078%Rate

Funding earned: $0
Price spread: +0.078% → +0.030%: $4.83
Slippage, 4 orders: −$17.06
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$31.23
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Hyperliquid: live order book, 9 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 Binance live order book, 9 min ago	0.56 bp	8.5 bp −$9	18.3 bp −$183	71.1 bp −$7,111	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.56 bp	10.9 bp −$11	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	−0.0068%	4h	0.008953	−0.056%	$3.4M	$16.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008955	−0.033%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008963	+0.052%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.887%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0040%	1h	0.008971	+0.147%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008972	+0.156%	$205	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008961	+0.033%	$326K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008966	+0.089%	$601K	$1.0M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008965	+0.078%	$8.4M	$14.8M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008968	+0.107%	$138K	$640K	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	0.008969	+0.123%	$137K	$272K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008958	long leg	$38.3M	$171.4M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008951	−0.078%	$23.9M	$40.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008954	−0.045%	$7.8M	$50.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	+0.134%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008956	−0.022%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008959	+0.011%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008962	+0.045%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008950	−0.089%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008953	−0.056%	$299K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008981	+0.256%	$937K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008975	+0.192%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009012	+0.603%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008956	−0.022%	$24K	$96K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009175	+2.422%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008954	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008979	+0.234%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008950	−0.091%	$186K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008955	−0.033%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008958	−0.003%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008980	+0.246%	$1.6M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0415%	1h	0.008962	+0.045%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0611%	1h	0.008963	+0.060%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009010	+0.580%	$95K	$62K	50x	as long as short