PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2404%/8h= +263.2% APRnext payment +$3.00 per $10,000 · paid last 24h +0.556%

Price spread now: Coinbase International against Hyperliquid+1.143%7-day average +0.725% · you sell dearer than you buy

Net, funding: paid 7d − costs+$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$650.655% of the position

Long on Hyperliquid Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.770%+$177 on $10k

Price spread, last 3 days (all we have)−1.067%−$107 · spread now +1.143%, 7d avg +0.725%

Together, before fees+0.703%+ Points / potential airdropHyperliquid: Season 2 · farm board+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$72 a day on $10k at the current rate, and Coinbase International is 0.418% dearer against Hyperliquid than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of +0.725%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008835	0.0100	pay 0.0013% / 1h	39m 19s	$8.8M	$15.0M	5x
Short	Coinbase International PENGU-PERP-INTX	0.008936	0.2504	get 0.0313% / 1h	39m 19s	$95K	$105K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.143%Rate

Funding earned: $504.84
Price spread: +1.143% → +0.725%: $41.8
Slippage, 4 orders: −$46.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $481.15
Costs to cover: 0.655%
Break-even: 0.3 days

Slippage from Hyperliquid: live order book, 3 min ago; Coinbase International: 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	1.13 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 9 min ago	19.92 bp	24.9 bp −$25	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	−0.0604%	1h	0.008834	−0.010%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008831	−0.045%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	−0.125%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008836	+0.011%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0067%	4h	0.008822	−0.147%	$22.9M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008835	−0.001%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.358%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	−0.210%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008828	−0.079%	$302K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008836	+0.011%	$684K	$757K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUlong	+0.0100%	1h	0.008835	long leg	$8.8M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008839	+0.049%	$175K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008838	+0.034%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008826	−0.102%	$36.6M	$151.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008824	−0.125%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008833	−0.023%	$13.0M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008834	−0.011%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008828	−0.079%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008819	−0.181%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008840	+0.057%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	−0.113%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	−0.125%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008828	−0.079%	$24K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009044	+2.366%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	−0.125%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.091%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.147%	$182K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008820	−0.170%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0141%	1h	0.008840	+0.060%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008831	−0.049%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008819	−0.181%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008835	0.000%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2504%	1h	0.008936	+1.143%	$95K	$105K	50x