Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Pacifica against Hyperliquid−0.196%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.209%+$21 · spread now −0.196%, 7d avg −0.021%

Together, before fees+0.294%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board+$29 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: Pacifica is 0.175% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008679	0.0100	pay 0.0013% / 1h	37m 26s	$8.7M	$15.1M	5x
Short	Pacifica PENGU	0.008662	0.0100	get 0.0013% / 1h	37m 26s	$142K	$232K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.196%Rate

Funding earned: $0
Price spread: −0.196% → −0.021%: −$17.47
Slippage, 4 orders: −$23.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$58.25
Costs to cover: 0.408%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Pacifica: live order book, 50 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, 5 min ago	0.58 bp	8.5 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell Pacifica live order book, 50 min ago	1.71 bp	10.8 bp −$11	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	−0.0553%	1h	0.008657	−0.255%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0382%	4h	0.008657	−0.253%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0232%	4h	0.008664	−0.173%	$22.4M	$35.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0212%	1h	0.008653	−0.300%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008657	−0.253%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.415%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008665	−0.164%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008652	−0.309%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008677	−0.023%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−0.184%	$294K	$719K	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	0.008679	long leg	$8.7M	$15.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008662	−0.195%	$171K	$448K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008662	−0.196%	$142K	$232K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008675	−0.045%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008670	−0.104%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	−0.196%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008658	−0.242%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008675	−0.046%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008654	−0.288%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.213%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−0.181%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	−0.138%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008665	−0.156%	$672K	$757K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008653	−0.300%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008852	+1.993%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008651	−0.323%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008654	−0.288%	$90K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008664	−0.172%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008650	−0.334%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	−0.081%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.403%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008653	−0.300%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.581%	$94K	$97K	50x	as long as short