Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0132%/8h= +14.4% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against Bybit+0.093%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 7 days−0.065%−$6 · spread now +0.093%, 7d avg +0.074%

Together, before fees−0.030%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.074%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008626	−0.0032	get 0.0016% / 4h	3h 13m	$22.7M	$34.9M	75x
Short	Hyperliquid PENGU	0.008634	0.0100	get 0.0013% / 1h	13m 17s	$8.8M	$15.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.093%Rate

Funding earned: $27.7
Price spread: +0.093% → +0.074%: $1.88
Slippage, 4 orders: −$25.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.76
Costs to cover: 0.453%
Break-even: 11.0 days

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 14 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 Bybit live order book, 5 min ago	0.57 bp	11.6 bp −$12	24.3 bp −$243	115.4 bp −$11.5K	doesn't fit
Sell Hyperliquid live order book, 14 min ago	1.71 bp	10.0 bp −$10	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	−0.0273%	1h	0.008636	+0.111%	$390K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0188%	4h	0.008624	−0.023%	$3.4M	$15.1M	75x	as long as short
Injective PENGU/USDC PERP	−0.0151%	1h	0.008884	+2.991%	$34K	$51K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0097%	1h	0.008632	+0.070%	$20K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0032%	1h	0.008631	+0.058%	$197	$59	5x	as long as short
Bybit PENGUUSDTlong	−0.0032%	4h	0.008626	long leg	$22.7M	$34.9M	75x
dYdX PENGU-USD	0.0000%	1h	0.008630	+0.052%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008634	+0.096%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008631	+0.058%	$287K	$710K	8x	as long as short
Backpack PENGU_USDC_PERP	+0.0096%	1h	0.008650	+0.278%	$309K	$320K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUshort	+0.0100%	1h	0.008634	+0.093%	$8.8M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008632	+0.067%	$170K	$428K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008629	+0.035%	$146K	$228K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008634	+0.093%	$36.2M	$149.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008635	+0.104%	$7.7M	$45.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008630	+0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008633	+0.081%	$13.0M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008634	+0.093%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008634	+0.093%	$8.1M	$12.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008631	+0.058%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008686	+0.691%	$859K	$648K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008654	+0.319%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008695	+0.800%	$79K	$254K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008636	+0.113%	$673K	$757K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008635	+0.104%	$21K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008834	+2.411%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008630	+0.046%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008651	+0.290%	$95K	$239K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008630	+0.050%	$177K	$680K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008634	+0.093%	$199K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008632	+0.064%	$291	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008624	−0.023%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0487% / S −0.0675%	1h	0.008633	+0.081%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.3264%	1h	0.008903	+3.211%	$94K	$97K	50x	as long as short