Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.059%

Price spread now: Hyperliquid against BloFin−0.091%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

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

costs, in and out, $10k−$400.403% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.554%−$55 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now −0.091%, 7d avg +0.039%

Together, before fees−0.510%+ Points / potential airdropHyperliquid: Season 2 · farm board−$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.130% cheaper against BloFin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008773	0.0340	pay 0.0170% / 4h	3h 00m	$1.5M	$4.1M	75x
Short	Hyperliquid PENGU	0.008765	0.0100	get 0.0013% / 1h	0m 50s	$8.1M	$15.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$50.4
Price spread: −0.091% → +0.039%: −$13.01
Slippage, 4 orders: −$19.35
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$103.76
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Hyperliquid: 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 BloFin live order book, 3 min ago	4.55 bp	11.7 bp −$12	18.0 bp −$180	53.4 bp −$5,344	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.13 bp	8.2 bp −$8	16.8 bp −$168	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	0.008768	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008766	−0.076%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008758	−0.171%	$3.3M	$16.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.182%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0071%	1h	0.008770	−0.037%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008771	−0.023%	$318K	$754K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008769	−0.046%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008765	−0.091%	$8.1M	$15.4M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008762	−0.123%	$119K	$662K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	−0.046%	$134K	$273K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008760	−0.154%	$37.1M	$174.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008755	−0.205%	$23.2M	$41.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008756	−0.194%	$7.6M	$49.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.034%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008760	−0.148%	$10.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008767	−0.068%	$4.9M	$9.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008760	−0.148%	$8.4M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008753	−0.228%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	−0.091%	$290K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008756	−0.194%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.754%	$469K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008796	+0.262%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008768	−0.057%	$23K	$132K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+2.314%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008766	−0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008778	+0.057%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008760	−0.152%	$181K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008762	−0.125%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0120%	1h	0.008774	+0.011%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008767	−0.071%	$296	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008773	long leg	$1.5M	$4.1M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0415%	1h	0.008762	−0.125%	$125K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0624%	1h	0.008776	+0.037%	$321K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008886	+1.288%	$94K	$59K	50x	as long as short