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% APRpaid last 24h −0.013%

Price spread now: Aster against Hyperliquid−0.129%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.129%, 7d avg −0.002%

Together, before fees+0.206%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board+$21 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: Aster is 0.128% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008815	0.0100	pay 0.0013% / 1h	53m 01s	$8.3M	$14.9M	5x
Short	Aster PENGUUSDT	0.008804	0.0100	get 0.0050% / 4h	2h 53m	$169K	$485K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.129%Rate

Funding earned: $0
Price spread: −0.129% → −0.002%: −$12.75
Slippage, 4 orders: −$21.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$50.79
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Aster: 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 Hyperliquid live order book, 10 min ago	0.57 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 14 min ago	4.47 bp	10.5 bp −$10	32.3 bp −$323	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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	−0.386%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0228%	1h	0.008787	−0.318%	$517K	$901K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−1.223%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0092%	4h	0.008815	0.000%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008799	−0.182%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008791	−0.273%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0024%	1h	0.008777	−0.431%	$201	$64	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.295%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0067%	1h	0.008758	−0.649%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008811	−0.045%	$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	0.008795	−0.227%	$19K	$179K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008815	long leg	$8.3M	$14.9M	5x
Aster PENGUUSDTshort	+0.0100%	4h	0.008804	−0.129%	$169K	$485K	20x
Pacifica PENGU	+0.0100%	1h	0.008764	−0.579%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	+0.079%	$37.3M	$156.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008822	+0.079%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008827	+0.136%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.510%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008814	−0.011%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008813	−0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008820	+0.057%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008806	−0.102%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	0.000%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008735	−0.911%	$463K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009000	+2.099%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	−0.147%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008802	−0.147%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−0.223%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−0.227%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008812	−0.034%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008787	−0.320%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008809	−0.068%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0675%	1h	0.008785	−0.340%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.724%	$95K	$104K	50x	as long as short