Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Binance against Hyperliquid−0.146%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.132%+$13 · spread now −0.146%, 7d avg −0.030%

Together, before fees+0.194%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 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: Binance is 0.116% cheaper against Hyperliquid than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008715	0.0100	pay 0.0013% / 1h	19m 30s	$8.7M	$15.2M	5x
Short	Binance PENGUUSDT	0.008702	0.0100	get 0.0050% / 4h	2h 19m	$36.0M	$151.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.146%Rate

Funding earned: $0
Price spread: −0.146% → −0.030%: −$11.57
Slippage, 4 orders: −$18.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$48.59
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Binance: live order book, 9 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, 3 min ago	1.15 bp	8.3 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.58 bp	9.1 bp −$9	15.3 bp −$153	70.1 bp −$7,005	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	−0.0549%	1h	0.008720	+0.053%	$387K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008712	−0.034%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0262%	4h	0.008703	−0.138%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	0.000%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	+0.020%	$12K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008716	+0.011%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008705	−0.115%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0026%	1h	0.008712	−0.034%	$311K	$315K	10x	as long as short
Bybit PENGUUSDT	+0.0034%	4h	0.008696	−0.218%	$22.6M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008707	−0.092%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008709	−0.069%	$676K	$757K	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008715	long leg	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008714	−0.010%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008708	−0.080%	$147K	$236K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008702	−0.146%	$36.0M	$151.2M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008703	−0.138%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008706	−0.103%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008711	−0.046%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008709	−0.069%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008703	−0.138%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	−0.069%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	−0.160%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.034%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008713	−0.023%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008921	+2.364%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008711	−0.046%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008736	+0.241%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008703	−0.141%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008710	−0.057%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008711	−0.044%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.057%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008714	−0.011%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.080%	$93K	$96K	50x	as long as short