Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against HTX−0.137%48s7-day average −0.243% · you buy dearer than you sell

Net, funding: paid 7d − costs−$223as 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−$1931.928% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.299%−$30 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now −0.137%, 7d avg −0.243%

Together, before fees−0.378%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 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 0.107% dearer against HTX than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.243%. The two prices were read 48 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	HTX PENGU-USDT	0.008790	0.0100	pay 0.0050% / 4h	1h 02m	$92K	$249K	25x
Short	Hyperliquid PENGU	0.008778	0.0100	get 0.0013% / 1h	2m 26s	$8.5M	$15.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → −0.243%: $10.68
Slippage, 4 orders: −$171.84
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$182.16
Costs to cover: 1.928%
Break-even: never at this rate

Slippage from HTX: live order book, 14 min ago; Hyperliquid: live order book, 10 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 HTX live order book, 14 min ago	13.61 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.70 bp	9.5 bp −$9	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	−0.0607%	1h	0.008786	−0.049%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0320%	1h	0.008774	−0.182%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0270%	4h	0.008775	−0.171%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0200%	4h	0.008771	−0.216%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008777	−0.148%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	−0.065%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	−0.095%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.011%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008783	−0.080%	$684K	$760K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0081%	1h	0.008774	−0.182%	$313K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008786	−0.046%	$308K	$736K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.193%	$23K	$186K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008778	−0.137%	$8.5M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008785	−0.059%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008782	−0.091%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008778	−0.137%	$36.5M	$153.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008774	−0.182%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.114%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008778	−0.137%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.114%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	−0.102%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008777	−0.148%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.052%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	−0.046%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.491%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	−0.171%	$994	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008790	long leg	$92K	$249K	25x
Extended PENGU-USD	+0.0104%	1h	0.008774	−0.184%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.171%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0126%	1h	0.008788	−0.025%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	−0.188%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008775	−0.171%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008782	−0.091%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.411%	$95K	$105K	50x	as long as short