Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0378%/8h= −41.4% APRpaid last 24h −0.027%

Price spread now: Gate against Hyperliquid−0.034%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$530.525% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.034%, 7d avg −0.027%

Together, before fees+0.008%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.026% in total (about -1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008774	0.0100	pay 0.0013% / 1h	3m 23s	$8.5M	$15.2M	5x
Short	Gate PENGU_USDT	0.008771	−0.0278	pay 0.0139% / 4h	1h 03m	$3.4M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.034%Rate

Funding earned: −$79.38
Price spread: −0.034% → −0.027%: −$0.72
Slippage, 4 orders: −$28.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$132.64
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Gate: 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, 9 min ago	1.70 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.85 bp	16.6 bp −$17	44.8 bp −$448	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	−0.0607%	1h	0.008786	+0.134%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0320%	1h	0.008774	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDTshort	−0.0278%	4h	0.008771	−0.034%	$3.4M	$15.6M	75x
Bybit PENGUUSDT	−0.0200%	4h	0.008767	−0.080%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008782	+0.091%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	+0.118%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008774	+0.005%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.171%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008774	+0.006%	$683K	$759K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0084%	1h	0.008799	+0.285%	$314K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008798	+0.274%	$309K	$736K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.011%	$23K	$186K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008774	long leg	$8.5M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008781	+0.075%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008798	+0.274%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008771	−0.032%	$36.5M	$153.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	−0.057%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.296%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008772	−0.023%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	+0.023%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008777	+0.034%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008763	−0.125%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.234%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	+0.137%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.678%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	+0.011%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.182%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.031%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	+0.011%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0128%	1h	0.008804	+0.345%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008771	−0.035%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008793	+0.217%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008774	0.000%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.596%	$95K	$105K	50x	as long as short