Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.013%

Price spread now: Arcus against Hyperliquid−0.023%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.023% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008822	0.0100	pay 0.0013% / 1h	51m 22s	$8.3M	$15.0M	5x
Short	Arcus PENGU-USD	0.008820	0.0100	get 0.0013% / 1h	51m 22s	$19K	$24K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Hyperliquid. 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 HyperliquidbpFee ArcusbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → 0.000%: −$2.27
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$15.77
Costs to cover: 0.135%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Arcus: no order-book sample. Net counts fees only.

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 Hyperliquid live order book, 11 min ago	0.57 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Arcus no order-book sample	—	—	—	—	—

Arcus: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
ApeX Omni PENGUUSDT	−0.0499%	1h	0.008806	−0.181%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0215%	1h	0.008820	−0.023%	$515K	$903K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−1.302%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0094%	4h	0.008818	−0.045%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008814	−0.091%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	+0.018%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.374%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008826	+0.045%	$202	$64	5x	as long as short
dYdX PENGU-USD	+0.0073%	1h	0.008816	−0.073%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008814	−0.091%	$306K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008826	+0.045%	$19K	$178K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008822	long leg	$8.3M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008826	+0.045%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008810	−0.136%	$152K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	+0.004%	$37.3M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008823	+0.011%	$22.9M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008825	+0.034%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USDshort	+0.0100%	1h	0.008820	−0.023%	$19K	$24K	5x
MEXC PENGU_USDT	+0.0100%	4h	0.008819	−0.034%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008820	−0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008820	−0.023%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008813	−0.102%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	−0.079%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008818	−0.047%	$467K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.346%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008813	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008836	+0.159%	$90K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008827	+0.057%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008813	−0.102%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008819	−0.032%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.053%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008809	−0.147%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008816	−0.068%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.644%	$95K	$104K	50x	as long as short