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: HTX against Hyperliquid+0.196%7-day average +0.243% · you sell dearer than you buy

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$222as in the Price arb table

costs, in and out, $10k−$2172.172% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.299%+$30 on $10k

Price spread, last 3 days (all we have)−0.120%−$12 · spread now +0.196%, 7d avg +0.243%

Together, before fees+0.180%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 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: HTX is 0.047% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.243%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008681	0.0100	pay 0.0013% / 1h	56m 59s	$8.7M	$15.1M	5x
Short	HTX PENGU-USDT	0.008698	0.0100	get 0.0050% / 4h	2h 56m	$91K	$248K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.196%Rate

Funding earned: $0
Price spread: +0.196% → +0.243%: −$4.74
Slippage, 4 orders: −$196.16
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$221.9
Costs to cover: 2.172%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; HTX: live order book, 29 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, 6 min ago	0.57 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 29 min ago	9.10 bp	185.6 bp −$186	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	−0.0551%	1h	0.008679	−0.025%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0426%	1h	0.008673	−0.092%	$310K	$322K	10x	as long as short
Bybit PENGUUSDT	−0.0343%	4h	0.008680	−0.012%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008668	−0.150%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0144%	1h	0.008673	−0.092%	$198	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.392%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	−0.081%	$21K	$8K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008682	+0.011%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008675	−0.072%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008677	−0.046%	$294K	$718K	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	0.008672	−0.104%	$674K	$766K	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008681	long leg	$8.7M	$15.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008678	−0.040%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008672	−0.104%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008687	+0.069%	$36.0M	$151.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008692	+0.127%	$7.7M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.127%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008675	−0.069%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008673	−0.092%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008689	+0.092%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008658	−0.265%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.652%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008703	+0.253%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008712	+0.357%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	−0.092%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008878	+2.269%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.115%	$980	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008698	+0.196%	$91K	$248K	25x
Extended PENGU-USD	+0.0104%	1h	0.008688	+0.076%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008671	−0.115%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	−0.100%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−0.219%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008674	−0.081%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.557%	$94K	$97K	50x	as long as short