Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0154%/8hnext payment −$0.19 per $10,000 · paid last 24h −0.040%

Price spread now: gTrade (Gains Network) against Hyperliquid−0.031%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and gTrade (Gains Network) is 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008883	0.0157	pay 0.0020% / 1h	12m 44s	$10.5M	$13.2M	5x
Short	gTrade (Gains Network) PENGU/USD	0.008880	L +0.0007% / S −0.0003%	get 0.0000% / 1h	12m 44s	$34K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.031%Rate

Funding earned: −$32.4
Price spread: −0.031% → 0.000%: −$3.06
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$54.46
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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, 4 min ago	1.69 bp	11.0 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Gate PENGU_USDT	−0.0074%	4h	0.008866	−0.191%	$3.6M	$14.4M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008872	−0.125%	$12K	$5K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008880	−0.034%	$20K	$7K	10x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008880	−0.031%	$34K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008884	+0.011%	$3K	$75K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0039%	1h	0.008881	−0.025%	$409K	$2.0M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.008878	−0.056%	$325K	$623K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008878	−0.056%	$680K	$736K	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008876	−0.084%	$175K	$408K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008872	−0.124%	$194K	$162K	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	0.008869	−0.158%	$37.8M	$142.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008870	−0.146%	$23.5M	$32.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008870	−0.146%	$8.1M	$45.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−0.146%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008873	−0.113%	$12.6M	$11.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008870	−0.146%	$4.8M	$8.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008875	−0.090%	$8.2M	$11.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008870	−0.146%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008874	−0.101%	$316K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008840	−0.486%	$833K	$597K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008876	−0.079%	$475K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008885	+0.023%	$85K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008878	−0.056%	$22K	$187K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009089	+2.319%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008875	−0.090%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008872	−0.124%	$98K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008871	−0.138%	$181K	$680K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008877	−0.068%	$205K	$17K	3x	as long as short
Hyperliquid PENGUlong	+0.0157%	1h	0.008883	long leg	$10.5M	$13.2M	5x
Reya PENGURUSDPERP	+0.0236%	1h	0.008876	−0.073%	$300	—	10x	as long as short
01 Exchange PENGUUSD	+0.0240%	1h	0.008887	+0.045%	$203	$59	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008878	−0.056%	$1.6M	$2.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0507% / S −0.0698%	1h	0.008881	−0.023%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2976%	1h	0.009092	+2.353%	$96K	$108K	50x	as long as short