Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.059%

Price spread now: Hyperliquid against BloFin+0.166%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.549%−$55 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.166%, 7d avg +0.036%

Together, before fees−0.747%+ Points / potential airdropHyperliquid: Season 2 · farm board−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.131% dearer against BloFin than usual: you sell high and buy low (spread +0.166% now, against its 7-day average of +0.036%): +$13 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.009023	0.0340	pay 0.0170% / 4h	3h 54m	$1.5M	$4.0M	75x
Short	Hyperliquid PENGU	0.009038	0.0100	get 0.0013% / 1h	54m 51s	$8.4M	$14.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$50.4
Price spread: +0.166% → +0.036%: $13.06
Slippage, 4 orders: −$16.15
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$74.49
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Hyperliquid: live order book, 8 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 BloFin live order book, 3 min ago	0.56 bp	9.9 bp −$10	12.8 bp −$128	43.3 bp −$4,334	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.12 bp	9.2 bp −$9	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009021	−0.024%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.593%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0080%	1h	0.008989	−0.380%	$12K	$5K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0083%	1h	0.009025	+0.022%	$19K	$10K	10x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.009021	−0.022%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009035	+0.133%	$321K	$719K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009018	−0.055%	$606K	$1.0M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.009038	+0.166%	$8.4M	$14.7M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009035	+0.130%	$130K	$597K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008992	−0.344%	$158K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009031	+0.092%	$38.8M	$167.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009025	+0.022%	$23.9M	$40.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009033	+0.111%	$7.8M	$49.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009010	−0.144%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009028	+0.055%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009030	+0.078%	$11.0M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009032	+0.100%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009039	+0.177%	$8.8M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009021	−0.022%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009035	+0.133%	$302K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	−0.278%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	−0.659%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008966	−0.632%	$81K	$242K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009023	0.000%	$24K	$85K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009245	+2.460%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009025	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009014	−0.100%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009028	+0.061%	$186K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009022	−0.011%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009018	−0.053%	$305	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.009023	long leg	$1.5M	$4.0M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0477%	1h	0.009024	+0.011%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0605%	1h	0.009041	+0.203%	$353K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009069	+0.510%	$96K	$61K	50x	as long as short