PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.2892%/8h= −316.7% APRnext payment −$3.62 per $10,000 · paid last 24h −0.544%

Price spread now: Hyperliquid against Coinbase International−1.366%7-day average −0.725% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$650.654% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.762%−$176 on $10k

Price spread, last 3 days (all we have)+1.290%+$129 · spread now −1.366%, 7d avg −0.725%

Together, before fees−0.472%+ Points / potential airdropHyperliquid: Season 2 · farm board−$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$87 a day on $10k at the current rate, and Hyperliquid is 0.641% cheaper against Coinbase International than usual: you would sell low and buy high (−$64 if the spread goes back to its 7-day average of −0.725%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.762% in total (about -91.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.62 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008785	0.2992	pay 0.0374% / 1h	33m 08s	$92K	$96K	50x
Short	Hyperliquid PENGU	0.008665	0.0100	get 0.0013% / 1h	33m 08s	$8.7M	$15.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −1.366%Rate

Funding earned: −$607.32
Price spread: −1.366% → −0.725%: −$64.07
Slippage, 4 orders: −$46.41
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$736.8
Costs to cover: 0.654%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 75 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 Coinbase International live order book, 75 min ago	15.76 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.58 bp	10.3 bp −$10	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	−0.0552%	1h	0.008665	−1.367%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0366%	4h	0.008655	−1.480%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008664	−1.377%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0179%	4h	0.008653	−1.503%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−0.797%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008658	−1.446%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−1.350%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	−1.366%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008670	−1.309%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−1.389%	$295K	$720K	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	0.008666	−1.355%	$672K	$758K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008665	−1.366%	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008669	−1.324%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008669	−1.320%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008661	−1.408%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008658	−1.446%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−1.309%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	−1.400%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008660	−1.423%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008663	−1.389%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008650	−1.537%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−1.569%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	−1.288%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−1.286%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008665	−1.366%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008872	+0.990%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008661	−1.411%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008687	−1.116%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008660	−1.429%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	−1.423%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008663	−1.391%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	−1.377%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	−1.389%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2992%	1h	0.008785	long leg	$92K	$96K	50x