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 −0.012%

Price spread now: BingX against Hyperliquid−0.057%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.057%, 7d avg −0.035%

Together, before fees+0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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: BingX is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008842	0.0100	pay 0.0013% / 1h	55m 32s	$8.6M	$15.2M	5x
Short	BingX PENGU-USDT	0.008837	0.0100	get 0.0050% / 4h	55m 32s	—	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $0
Price spread: −0.057% → −0.035%: −$2.18
Slippage, 4 orders: −$12.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$33.66
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; BingX: live order book, 5 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 Hyperliquid live order book, 7 min ago	0.57 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	0.57 bp	7.0 bp −$7	12.5 bp −$125	43.0 bp −$4,298	307.9 bp −$154.0K

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	−0.0339%	1h	0.008839	−0.037%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008837	−0.057%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0217%	4h	0.008836	−0.068%	$22.9M	$36.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008842	0.000%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.599%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008765	−0.867%	$801K	$802K	—	as long as short
Nado PENGU-PERP	−0.0004%	1h	0.008838	−0.040%	$689K	$761K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	−0.124%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008828	−0.158%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008832	−0.114%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008831	−0.124%	$310K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008832	−0.113%	$24K	$186K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008842	long leg	$8.6M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008840	−0.017%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	−0.102%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008843	+0.011%	$36.7M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008841	−0.011%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008843	+0.011%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008839	−0.034%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008845	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008837	−0.057%	—	$3.9M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008826	−0.181%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008813	−0.325%	$461K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	−0.260%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.115%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008827	−0.170%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008824	−0.204%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008837	−0.057%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008827	−0.170%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008837	−0.056%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.362%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008827	−0.170%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008841	−0.011%	$94K	$104K	50x	as long as short