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 −0.012%

Price spread now: SoDEX against Hyperliquid−0.081%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.081% cheaper against Hyperliquid than usual: you would sell low and buy high, −$8 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008684	0.0100	pay 0.0013% / 1h	10m 52s	$8.6M	$15.2M	5x
Short	SoDEX PENGU-USD	0.008677	0.0100	get 0.0013% / 1h	10m 52s	$994	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → 0.000%: −$8.06
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$25.06
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; SoDEX: no order-book sample. Net counts fees only.

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	1.15 bp	8.3 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0551%	1h	0.008687	+0.032%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008681	−0.035%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.357%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008663	−0.242%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0046%	1h	0.008679	−0.058%	$310K	$314K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008658	−0.299%	$198	$59	5x	as long as short
dYdX PENGU-USD	+0.0007%	1h	0.008657	−0.316%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008663	−0.247%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0040%	4h	0.008678	−0.069%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008678	−0.069%	$297K	$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-PERP	+0.0100%	1h	0.008652	−0.368%	$671K	$757K	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008684	long leg	$8.6M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008682	−0.023%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008652	−0.368%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008686	+0.019%	$35.9M	$151.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008686	+0.023%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	−0.392%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008685	+0.012%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008684	0.000%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008689	+0.058%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008683	−0.012%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008675	−0.102%	$797K	$715K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008656	−0.320%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008681	−0.035%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008663	−0.242%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	+2.153%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USDshort	+0.0100%	1h	0.008677	−0.081%	$994	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008676	−0.092%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008681	−0.030%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	−0.104%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008659	−0.291%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008670	−0.161%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008663	−0.242%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.173%	$93K	$97K	50x	as long as short