Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.012%

Price spread now: Bybit against Hyperliquid−0.184%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.184%, 7d avg −0.075%

Together, before fees+0.114%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.109% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008703	0.0100	pay 0.0013% / 1h	18m 43s	$8.7M	$15.2M	5x
Short	Bybit PENGUUSDT	0.008687	0.0034	get 0.0017% / 4h	2h 18m	$22.6M	$36.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$13.89
Price spread: −0.184% → −0.075%: −$10.87
Slippage, 4 orders: −$21.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$66.36
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	1.15 bp	8.3 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.57 bp	12.3 bp −$12	29.7 bp −$297	120.3 bp −$12.0K	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	−0.0550%	1h	0.008705	+0.022%	$387K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008701	−0.023%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008692	−0.126%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.138%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008700	−0.036%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008704	+0.012%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008705	+0.023%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0022%	1h	0.008693	−0.115%	$310K	$314K	10x	as long as short
Bybit PENGUUSDTshort	+0.0034%	4h	0.008687	−0.184%	$22.6M	$36.0M	75x
Lighter PENGU	+0.0096%	1h	0.008695	−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	0.008703	long leg	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008701	−0.018%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008697	−0.069%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008693	−0.115%	$36.0M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008695	−0.092%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008695	−0.092%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008698	−0.057%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008699	−0.046%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008696	−0.080%	—	$3.9M	—	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	−0.023%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.172%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008703	0.000%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008912	+2.401%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008695	−0.092%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.253%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008693	−0.120%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−0.034%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008702	−0.008%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008703	0.000%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008703	0.000%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.287%	$94K	$97K	50x	as long as short