Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: HTX against Hyperliquid+0.068%7-day average +0.239% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$890.892% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now +0.068%, 7d avg +0.239%

Together, before fees+0.458%+ Points / potential airdropHyperliquid: Season 2 · farm board+$46 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: HTX is 0.171% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.239%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008806	0.0100	pay 0.0013% / 1h	0m 34s	$8.2M	$14.7M	5x
Short	HTX PENGU-USDT	0.008812	0.0100	get 0.0050% / 4h	2h 00m	$94K	$337K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.068%Rate

Funding earned: $0
Price spread: +0.068% → +0.239%: −$17.12
Slippage, 4 orders: −$68.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$106.36
Costs to cover: 0.892%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; HTX: 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, 2 min ago	2.27 bp	6.8 bp −$7	16.5 bp −$165	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	14.73 bp	24.0 bp −$24	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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	0.008796	−0.114%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008795	−0.119%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.193%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0084%	4h	0.008800	−0.068%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008810	+0.045%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008801	−0.057%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008794	−0.136%	$19K	$161K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008806	long leg	$8.2M	$14.7M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008808	+0.021%	$133K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008803	−0.034%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008800	−0.072%	$37.4M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.114%	$23.2M	$38.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008796	−0.114%	$7.5M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008805	−0.011%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008805	−0.011%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008803	−0.034%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008800	−0.068%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−0.148%	$301K	$285K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	−0.193%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	−0.091%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	+0.023%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008799	−0.085%	$593K	$987K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.169%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008799	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008812	+0.068%	$94K	$337K	25x
Extended PENGU-USD	+0.0104%	1h	0.008797	−0.103%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.182%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	+0.013%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008793	−0.151%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0322%	1h	0.008806	+0.003%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008794	−0.136%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.828%	$95K	$94K	50x	as long as short