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: Aster against Hyperliquid−0.047%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.425% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now −0.047%, 7d avg −0.004%

Together, before fees+0.129%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board+$13 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: Aster is 0.043% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008675	0.0100	pay 0.0013% / 1h	44m 23s	$8.7M	$15.1M	5x
Short	Aster PENGUUSDT	0.008671	0.0100	get 0.0050% / 4h	2h 44m	$171K	$448K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → −0.004%: −$4.26
Slippage, 4 orders: −$25.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$46.8
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Aster: live order book, 43 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, 8 min ago	1.74 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 43 min ago	4.54 bp	11.0 bp −$11	37.3 bp −$373	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	−0.0552%	1h	0.008671	−0.044%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0360%	4h	0.008661	−0.161%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0326%	4h	0.008660	−0.173%	$22.6M	$35.7M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0221%	1h	0.008664	−0.127%	$309K	$316K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008668	−0.081%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.461%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	−0.081%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008671	−0.052%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0024%	1h	0.008666	−0.104%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008662	−0.150%	$294K	$719K	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	0.008664	−0.127%	$672K	$758K	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008675	long leg	$8.7M	$15.1M	5x
Aster PENGUUSDTshort	+0.0100%	4h	0.008671	−0.047%	$171K	$448K	20x
Pacifica PENGU	+0.0100%	1h	0.008663	−0.138%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008665	−0.112%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008665	−0.115%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008666	−0.104%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008665	−0.115%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008671	−0.046%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008656	−0.219%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008657	−0.213%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008668	−0.086%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008670	−0.058%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008670	−0.058%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	+2.259%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	−0.104%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008680	+0.058%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008665	−0.114%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	−0.115%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008667	−0.094%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	−0.127%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008669	−0.069%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.628%	$94K	$97K	50x	as long as short