Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Hyperliquid against SoDEX−0.023%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.023% cheaper against SoDEX than usual: you would sell low and buy high, −$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PENGU-USD	0.008758	0.0100	pay 0.0013% / 1h	43m 14s	$1K	$5K	5x
Short	Hyperliquid PENGU	0.008756	0.0100	get 0.0013% / 1h	43m 14s	$8.2M	$14.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SoDEX. 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 SoDEXbpFee HyperliquidbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → 0.000%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$19.28
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Hyperliquid: live order book, 9 min ago. Net counts fees only.

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 SoDEX no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 9 min ago	1.14 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange PENGUUSD	−0.0008%	1h	0.008742	−0.183%	$200	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008757	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008753	−0.061%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0026%	4h	0.008751	−0.080%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008759	+0.011%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008756	−0.023%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008745	−0.143%	$588K	$1.0M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008756	−0.023%	$8.2M	$14.6M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008747	−0.127%	$131K	$574K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008743	−0.171%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008754	−0.046%	$36.7M	$159.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008754	−0.046%	$23.3M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008758	0.000%	$7.5M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.206%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008756	−0.023%	$11.6M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008755	−0.034%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008758	0.000%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008748	−0.114%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	0.000%	$300K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−0.651%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.796%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008710	−0.548%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008958	+2.284%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USDlong	+0.0100%	1h	0.008758	long leg	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008769	+0.126%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008757	−0.015%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008746	−0.137%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0210%	1h	0.008745	−0.146%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008746	−0.141%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008749	−0.103%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008753	−0.057%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008767	+0.099%	$359K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.386%	$95K	$94K	50x	as long as short