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% APRpaid last 24h −0.013%

Price spread now: Binance against Hyperliquid0.000%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$320.323% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 7 days+0.010%+$1 · spread now 0.000%, 7d avg −0.030%

Together, before fees+0.074%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 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: Binance is 0.030% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008718	0.0100	pay 0.0013% / 1h	40m 53s	$8.1M	$14.6M	5x
Short	Binance PENGUUSDT	0.008718	0.0100	get 0.0050% / 4h	1h 40m	$36.4M	$159.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.030%: $3.02
Slippage, 4 orders: −$13.31
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$29.29
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Binance: live order book, 2 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, 12 min ago	1.14 bp	7.3 bp −$7	15.6 bp −$156	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.57 bp	8.8 bp −$9	21.7 bp −$217	72.2 bp −$7,215	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	−0.0209%	1h	0.008710	−0.092%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008709	−0.103%	$199	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008720	+0.020%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008715	−0.034%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.814%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008716	−0.023%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008715	−0.034%	$23K	$165K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008718	long leg	$8.1M	$14.6M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008723	+0.058%	$131K	$576K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008714	−0.046%	$153K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDTshort	+0.0100%	4h	0.008718	0.000%	$36.4M	$159.6M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008715	−0.034%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008717	−0.011%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008723	+0.057%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008720	+0.023%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008721	+0.034%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008707	−0.126%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008713	−0.057%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	−0.071%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.406%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.459%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008719	+0.011%	$585K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008911	+2.214%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008710	−0.092%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.080%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008720	+0.024%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008701	−0.195%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0203%	1h	0.008715	−0.032%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008715	−0.039%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.092%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008720	+0.023%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008721	+0.031%	$356K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.856%	$95K	$94K	50x	as long as short