PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.015%

Price spread now: Lighter against Hyperliquid+0.080%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.080%, 7d avg +0.007%

Together, before fees+0.006%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$1 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: Lighter is 0.073% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008748	0.0100	pay 0.0013% / 1h	32m 25s	$8.0M	$15.3M	5x
Short	Lighter PENGU	0.008755	0.0096	get 0.0012% / 1h	32m 25s	$317K	$750K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$0.84
Price spread: +0.080% → +0.007%: $7.27
Slippage, 4 orders: −$27.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$30.2
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Lighter: live order book, 12 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, 10 min ago	1.14 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	1.70 bp	8.0 bp −$8	73.4 bp −$734	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008733	−0.171%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	−0.055%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.469%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008755	+0.080%	$317K	$750K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008742	−0.069%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008748	long leg	$8.0M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008747	−0.013%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008750	+0.023%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008747	−0.011%	$36.9M	$176.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008738	−0.114%	$23.1M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008736	−0.137%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.023%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008740	−0.091%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	−0.046%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008748	0.000%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008745	−0.034%	$8.3M	$13.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008734	−0.160%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008736	−0.137%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	+0.139%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.356%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	+0.812%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008746	−0.023%	$22K	$163K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008941	+2.206%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008733	−0.171%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008752	+0.046%	$90K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008748	−0.004%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.114%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0173%	1h	0.008747	−0.008%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008757	+0.103%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008738	−0.111%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008740	−0.094%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	+0.023%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0462%	1h	0.008745	−0.034%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.880%	$78K	$76K	50x	as long as short