PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2404%/8h= −263.2% APRnext payment −$3.00 per $10,000 · paid last 24h −0.556%

Price spread now: Hyperliquid against Coinbase International−0.429%7-day average −0.725% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.770%−$177 on $10k

Price spread, last 3 days (all we have)+0.353%+$35 · spread now −0.429%, 7d avg −0.725%

Together, before fees−1.418%+ Points / potential airdropHyperliquid: Season 2 · farm board−$142 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.296% dearer against Coinbase International than usual: you sell high and buy low (spread −0.429% now, against its 7-day average of −0.725%): +$30 on $10k if it goes back. Holding the pair costs −$72 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−1.770% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008863	0.2504	pay 0.0313% / 1h	40m 57s	$94K	$104K	50x
Short	Hyperliquid PENGU	0.008825	0.0100	get 0.0013% / 1h	40m 57s	$8.8M	$15.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −0.429%Rate

Funding earned: −$504.84
Price spread: −0.429% → −0.725%: $29.65
Slippage, 4 orders: −$48.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$542.55
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 7 min ago; Hyperliquid: live order book, 12 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 Coinbase International live order book, 7 min ago	19.92 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.57 bp	6.9 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	−0.0604%	1h	0.008830	−0.378%	$371K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0316%	4h	0.008819	−0.496%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008815	−0.542%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008830	−0.372%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0061%	4h	0.008815	−0.542%	$22.9M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008821	−0.477%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.670%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008821	−0.474%	$301K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008822	−0.463%	$683K	$757K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008825	−0.429%	$8.8M	$15.0M	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008830	−0.374%	$175K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008825	−0.429%	$149K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008821	−0.474%	$36.5M	$151.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008817	−0.519%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.372%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008827	−0.406%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008825	−0.429%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	−0.429%	$8.4M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008811	−0.587%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008823	−0.451%	$315K	$309K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008772	−1.031%	$801K	$735K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008809	−0.610%	$461K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008809	−0.609%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008817	−0.519%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+1.873%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.508%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008848	−0.169%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	−0.505%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.542%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0151%	1h	0.008833	−0.338%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008817	−0.520%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008820	−0.485%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008821	−0.474%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2504%	1h	0.008863	long leg	$94K	$104K	50x