Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: KuCoin against Hyperliquid0.000%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days−0.026%−$3 · spread now 0.000%, 7d avg −0.011%

Together, before fees+0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008831	0.0100	pay 0.0013% / 1h	42m 35s	$8.3M	$15.6M	5x
Short	KuCoin PENGUUSDTM	0.008831	0.0100	get 0.0050% / 4h	3h 42m	$4.7M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.011%: $1.13
Slippage, 4 orders: −$51.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$70.99
Costs to cover: 0.721%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 6 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, 10 min ago	1.13 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	1.14 bp	33.5 bp −$33	60.9 bp −$609	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	−0.0391%	1h	0.008835	+0.042%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0338%	4h	0.008830	−0.011%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.791%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	+0.023%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0211%	4h	0.008825	−0.068%	$23.1M	$37.2M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008826	−0.057%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	−0.057%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008827	−0.043%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perp	+0.0024%	4h	0.008798	−0.374%	$466K	$2.1M	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.476%	$3K	$117K	5.5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0051%	1h	0.008833	+0.023%	$700K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008828	−0.039%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	−0.045%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	−0.045%	$24K	$184K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008831	long leg	$8.3M	$15.6M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008828	−0.035%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008829	−0.023%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	+0.009%	$36.9M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008833	+0.023%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.011%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	−0.034%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008831	0.000%	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.034%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008830	−0.011%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.476%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.027%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	−0.068%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008830	−0.010%	$182K	$794K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	−0.068%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008829	−0.025%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	−0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008827	−0.045%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	−0.260%	$94K	$102K	50x	as long as short