Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h −0.017%

Price spread now: Orderly against Hyperliquid−0.088%7-day average −0.061% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.088%, 7d avg −0.061%

Together, before fees+0.071%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.027% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.061%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.009110	0.0160	pay 0.0020% / 1h	57m 30s	$9.8M	$17.0M	5x
Short	Orderly PERP_PENGU_USDC	0.009102	0.0100	get 0.0050% / 4h	1h 57m	$23K	$357K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.088%Rate

Funding earned: −$12.52
Price spread: −0.088% → −0.061%: −$2.72
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.23
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Orderly: 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, 8 min ago	0.55 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.009086	−0.266%	$20K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009085	−0.274%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009081	−0.318%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.524%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	+0.0057%	1h	0.009079	−0.340%	$305K	$365K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0064%	1h	0.009087	−0.247%	$334K	$2.6M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009088	−0.241%	$326K	$699K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009098	−0.126%	$653K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009104	−0.066%	$136K	$774K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009084	−0.285%	$137K	$225K	5x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009106	−0.046%	$40.1M	$192.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009094	−0.176%	$24.7M	$46.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009097	−0.143%	$8.4M	$56.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	−0.110%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009102	−0.088%	$3.7M	$17.8M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009104	−0.066%	$12.3M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009099	−0.121%	$5.2M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009105	−0.055%	$8.8M	$14.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009085	−0.274%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009084	−0.281%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009099	−0.122%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	−0.099%	$82K	$248K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009102	−0.088%	$23K	$357K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009301	+2.097%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009082	−0.307%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009103	−0.077%	$93K	$368K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009084	−0.283%	$186K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009081	−0.318%	$210K	—	3x	as long as short
Hyperliquid PENGUlong	+0.0160%	1h	0.009110	long leg	$9.8M	$17.0M	5x
Reya PENGURUSDPERP	+0.0241%	1h	0.009095	−0.160%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0312%	1h	0.009108	−0.022%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009097	−0.143%	$1.6M	$5.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009102	−0.088%	$105K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.009222	+1.229%	$84K	$95K	50x	as long as short