Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.059%

Price spread now: Hyperliquid against BloFin−0.034%47s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.356% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.552%−$55 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.034%, 7d avg +0.020%

Together, before fees−0.546%+ Points / potential airdropHyperliquid: Season 2 · farm board−$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.054% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.020%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008881	0.0340	pay 0.0170% / 4h	3h 20m	$1.5M	$2.8M	75x
Short	Hyperliquid PENGU	0.008878	0.0100	get 0.0013% / 1h	20m 23s	$8.3M	$15.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$50.4
Price spread: −0.034% → +0.020%: −$5.39
Slippage, 4 orders: −$14.6
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$91.39
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Hyperliquid: live order book, 2 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 BloFin live order book, 3 min ago	1.69 bp	10.0 bp −$10	13.3 bp −$133	32.9 bp −$3,289	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.13 bp	6.8 bp −$7	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
Kraken Futures PF_PENGUUSD	−0.0389%	1h	0.008895	+0.162%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0298%	4h	0.008880	−0.011%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008883	+0.023%	$203	$59	5x	as long as short
Variational Omni PENGU	−0.0171%	4h	0.008882	+0.012%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008888	+0.079%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008890	+0.096%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.036%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0081%	1h	0.008870	−0.121%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008894	+0.146%	$309K	$729K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008890	+0.101%	$24K	$175K	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	0.008874	−0.073%	$703K	$767K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008878	−0.034%	$8.3M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008884	+0.035%	$190K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008870	−0.124%	$153K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008888	+0.079%	$37.1M	$155.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008883	+0.023%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008883	+0.023%	$7.7M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−0.011%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	+0.034%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008884	+0.034%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008892	+0.124%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008883	+0.023%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008868	−0.146%	$305K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	−0.375%	$469K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008870	−0.124%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009095	+2.410%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008885	+0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008898	+0.191%	$91K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008884	+0.028%	$183K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008878	−0.034%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008874	−0.081%	$300	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008881	long leg	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008887	+0.068%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+0.968%	$95K	$104K	50x	as long as short