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% APRnext payment −$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Nado against Hyperliquid−0.132%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 3 days (all we have)+0.511%+$51 · spread now −0.132%, 7d avg −0.035%

Together, before fees+0.432%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$43 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: Nado is 0.097% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008722	0.0100	pay 0.0013% / 1h	21m 58s	$8.7M	$15.2M	5x
Short	Nado PENGU-PERP	0.008710	0.0100	get 0.0012% / 1h	21m 58s	$676K	$758K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.132%Rate

Funding earned: $0
Price spread: −0.132% → −0.035%: −$9.68
Slippage, 4 orders: −$17.16
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$42.85
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Nado: live order book, 1 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, 11 min ago	1.73 bp	9.3 bp −$9	18.4 bp −$184	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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	−0.0548%	1h	0.008722	−0.005%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0274%	4h	0.008712	−0.115%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−0.080%	$3K	$81K	5.5x	as long as short
Bybit PENGUUSDT	−0.0018%	4h	0.008704	−0.206%	$22.6M	$35.9M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008701	−0.236%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008721	−0.011%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008722	−0.006%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008716	−0.069%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0017%	1h	0.008716	−0.069%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008719	−0.034%	$298K	$723K	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-PERPshort	+0.0100%	1h	0.008710	−0.132%	$676K	$758K	5x
Hyperliquid PENGUlong	+0.0100%	1h	0.008722	long leg	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008720	−0.026%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008707	−0.172%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008715	−0.075%	$36.0M	$151.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008712	−0.115%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.138%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008717	−0.057%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008720	−0.023%	$4.8M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008722	0.000%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008712	−0.115%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.548%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.596%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.573%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008723	+0.011%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.408%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008718	−0.046%	$992	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008740	+0.206%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008715	−0.075%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008715	−0.080%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008718	−0.048%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008705	−0.195%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008723	+0.011%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	0.000%	$93K	$96K	50x	as long as short