Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against HTX−0.124%7-day average −0.236% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1311.312% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now −0.124%, 7d avg −0.236%

Together, before fees−0.385%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 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: Hyperliquid is 0.111% dearer against HTX than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.236%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008836	0.0100	pay 0.0050% / 4h	3h 08m	$91K	$378K	25x
Short	Hyperliquid PENGU	0.008825	0.0100	get 0.0013% / 1h	8m 11s	$8.4M	$15.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → −0.236%: $11.1
Slippage, 4 orders: −$110.24
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$120.13
Costs to cover: 1.312%
Break-even: never at this rate

Slippage from HTX: live order book, 45 min ago; Hyperliquid: 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 HTX live order book, 45 min ago	8.81 bp	15.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 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	0.008827	−0.102%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	−0.148%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0012%	4h	0.008819	−0.192%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.532%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0059%	1h	0.008834	−0.018%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008829	−0.079%	$321K	$754K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008814	−0.249%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008825	−0.124%	$8.4M	$15.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008830	−0.070%	$120K	$661K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008831	−0.057%	$135K	$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	0.008828	−0.091%	$37.5M	$173.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008824	−0.136%	$23.4M	$41.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	−0.158%	$7.6M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.068%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	−0.091%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008824	−0.136%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	−0.124%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008809	−0.306%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008820	−0.181%	$289K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008857	+0.236%	$925K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	+0.770%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	+0.770%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008826	−0.113%	$23K	$125K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009037	+2.275%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	−0.136%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008836	long leg	$91K	$378K	25x
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.179%	$182K	$869K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008828	−0.091%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008819	−0.192%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008818	−0.205%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008835	−0.011%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0415%	1h	0.008821	−0.170%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0620%	1h	0.008831	−0.057%	$323K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+1.335%	$94K	$59K	50x	as long as short