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% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against Binance−0.006%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.006%, 7d avg +0.030%

Together, before fees−0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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 0.036% cheaper against Binance than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008785	0.0100	pay 0.0050% / 4h	2m 44s	$36.5M	$155.3M	75x
Short	Hyperliquid PENGU	0.008784	0.0100	get 0.0013% / 1h	2m 44s	$8.4M	$15.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now −0.006%Rate

Funding earned: $0
Price spread: −0.006% → +0.030%: −$3.62
Slippage, 4 orders: −$13.18
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$35.8
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Hyperliquid: live order book, 10 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 Binance live order book, 10 min ago	0.57 bp	8.2 bp −$8	15.3 bp −$153	70.1 bp −$7,010	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.57 bp	7.1 bp −$7	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	−0.0341%	1h	0.008791	+0.072%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0311%	4h	0.008777	−0.086%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.629%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0300%	4h	0.008779	−0.063%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	−0.086%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0152%	1h	0.008778	−0.075%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.051%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008775	−0.103%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008780	−0.052%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008781	−0.046%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008782	−0.032%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.257%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008787	+0.028%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0099%	4h	0.008780	−0.052%	$7.6M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	−0.040%	$23K	$186K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008784	−0.006%	$8.4M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008788	+0.039%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008785	+0.005%	$152K	$239K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008785	long leg	$36.5M	$155.3M	75x
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.052%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008785	+0.005%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.052%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008788	+0.039%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008773	−0.131%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008762	−0.257%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008986	+2.293%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	−0.063%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008784	−0.006%	$90K	$284K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008779	−0.065%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.109%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008775	−0.110%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	−0.052%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008779	−0.063%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.164%	$94K	$104K	50x	as long as short