Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Pacifica against Hyperliquid−0.136%7-day average −0.021% · 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−$54as in the Price arb table

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

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now −0.136%, 7d avg −0.021%

Together, before fees+0.251%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board+$25 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: Pacifica is 0.115% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008829	0.0100	pay 0.0013% / 1h	56m 02s	$8.5M	$15.2M	5x
Short	Pacifica PENGU	0.008817	0.0100	get 0.0013% / 1h	56m 02s	$152K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.136%Rate

Funding earned: $0
Price spread: −0.136% → −0.021%: −$11.48
Slippage, 4 orders: −$25.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$53.98
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Pacifica: live order book, 22 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, 7 min ago	0.57 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 22 min ago	2.84 bp	16.6 bp −$17	doesn't fit	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	−0.0339%	1h	0.008839	+0.110%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008824	−0.057%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0219%	4h	0.008823	−0.068%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008819	−0.113%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.453%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008765	−0.721%	$801K	$802K	—	as long as short
Nado PENGU-PERP	−0.0011%	1h	0.008819	−0.113%	$688K	$760K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	+0.023%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008828	−0.011%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0028%	1h	0.008816	−0.150%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008830	+0.011%	$309K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008832	+0.034%	$24K	$186K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008829	long leg	$8.5M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008832	+0.035%	$191K	$467K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008817	−0.136%	$152K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008829	+0.001%	$36.7M	$153.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008827	−0.023%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008829	0.000%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008830	+0.011%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008832	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008818	−0.125%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008826	−0.034%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008791	−0.430%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008798	−0.351%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.265%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008827	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008824	−0.057%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008825	−0.040%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008827	−0.023%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008821	−0.092%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.215%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008827	−0.023%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008841	+0.136%	$94K	$104K	50x	as long as short