Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.016%

Price spread now: Hyperliquid against Nado−0.051%7-day average +0.040% · 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−$45as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on Nado Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.257%−$26 · spread now −0.051%, 7d avg +0.040%

Together, before fees−0.177%+ Points / potential airdropNado: Active · Hyperliquid: Season 2 · farm board−$18 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: Hyperliquid is 0.092% cheaper against Nado than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008779	0.0100	pay 0.0013% / 1h	1m 44s	$589K	$1.1M	5x
Short	Hyperliquid PENGU	0.008775	0.0100	get 0.0013% / 1h	1m 44s	$8.1M	$15.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Nado. 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 NadobpFee HyperliquidbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → +0.040%: −$9.17
Slippage, 4 orders: −$19.37
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$44.53
Costs to cover: 0.354%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Hyperliquid: live order book, 11 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 Nado live order book, 2 min ago	1.71 bp	10.5 bp −$10	27.8 bp −$278	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.13 bp	8.2 bp −$8	16.8 bp −$168	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008785	+0.063%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008784	+0.046%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0014%	4h	0.008769	−0.120%	$3.3M	$16.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.108%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0071%	1h	0.008770	−0.111%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008773	−0.074%	$318K	$754K	8x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008775	−0.051%	$8.1M	$15.4M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008769	−0.120%	$119K	$662K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	−0.120%	$134K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008767	−0.142%	$37.2M	$174.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008765	−0.165%	$23.3M	$41.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	−0.120%	$7.6M	$49.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.120%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008767	−0.142%	$10.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008769	−0.120%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008772	−0.085%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008764	−0.177%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008778	−0.017%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008848	+0.780%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.679%	$469K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008834	+0.621%	$80K	$251K	50x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008779	long leg	$589K	$1.1M	5x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008783	+0.040%	$23K	$130K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008993	+2.432%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	+0.085%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008800	+0.233%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.095%	$181K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008779	−0.006%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0120%	1h	0.008781	+0.017%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008787	+0.088%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008794	+0.165%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0415%	1h	0.008782	+0.028%	$125K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0622%	1h	0.008794	+0.165%	$322K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008886	+1.213%	$94K	$59K	50x	as long as short