If you mean how far from Puerto del Carmen, then I would say about 1.5 - 2 miles.
It's a nice walk along a flat promenade.

80 cents on the bus

To do it on foot would take you some time. Probably about an hour. I'd only do it personally if it was a gentle stroll, whilst stopping off at a few bars en route for an ice cold "pick-me-up". A cab will cost 3 or 4 euros to get you to the Fariones.

When in Matagorda, go say hi to Michelle in the Offshore Cafe & Grill. She'll look after you. You can also swing by Scarlets Bar which is under new ownership. Great night in either place. Tell either of them that Elle from Canary Nightlife said hi.

Ooh, and if in Old Town... then pop into Fiona at the Hapenny Inn, and Flanagans Bar for a great drag night (free entry), and do go have a meal at the Pizzeria Italiana. Say hi to Perdomo for me.

Have a great time!

I would say it's more like 3.5 miles from PDC old town to Matagorda, would be over an hour to walk

5 mins in a taxi for about 6 euros