Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0272%/8h= −29.7% APRpaid last 24h −0.012%

Price spread now: Bybit against Hyperliquid−0.125%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.125%, 7d avg −0.076%

Together, before fees+0.050%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.049% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.035% in total (about -1.8% a year). A funding rate is set anew for every payment. 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	Hyperliquid PENGU	0.008802	0.0100	pay 0.0013% / 1h	12m 10s	$8.8M	$15.0M	5x
Short	Bybit PENGUUSDT	0.008791	−0.0172	pay 0.0086% / 4h	1h 12m	$22.9M	$36.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$57.03
Price spread: −0.125% → −0.076%: −$4.94
Slippage, 4 orders: −$16.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$98.41
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Bybit: live order book, 2 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, 11 min ago	1.70 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.57 bp	10.7 bp −$11	23.6 bp −$236	98.1 bp −$9,811	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	−0.0606%	1h	0.008804	+0.027%	$368K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0318%	1h	0.008798	−0.045%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0292%	4h	0.008795	−0.080%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDTshort	−0.0172%	4h	0.008791	−0.125%	$22.9M	$36.5M	75x
01 Exchange PENGUUSD	−0.0104%	1h	0.008794	−0.091%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0046%	4h	0.008785	−0.189%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008799	−0.030%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.148%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0076%	1h	0.008794	−0.094%	$685K	$760K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008796	−0.068%	$309K	$736K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUlong	+0.0100%	1h	0.008802	long leg	$8.8M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008801	−0.017%	$189K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008797	−0.057%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008797	−0.057%	$36.5M	$153.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008785	−0.193%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008794	−0.091%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008800	−0.023%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008799	−0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008794	−0.091%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008789	−0.148%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.205%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.159%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008798	−0.045%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.318%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008793	−0.102%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008806	+0.045%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008793	−0.100%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008791	−0.125%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0119%	1h	0.008797	−0.057%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008794	−0.091%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	−0.159%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008800	−0.023%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.068%	$95K	$105K	50x	as long as short