PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0110%/8h= −12.0% APRnext payment −$0.14 per $10,000 · paid last 24h +0.031%

Price spread now: Hyperliquid against Kraken Futures−0.166%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$13 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now −0.166%, 7d avg −0.054%

Together, before fees−0.078%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hyperliquid is 0.111% cheaper against Kraken Futures than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008818	0.0210	pay 0.0026% / 1h	31m 44s	$363K	$2.3M	50x
Short	Hyperliquid PENGU	0.008803	0.0100	get 0.0013% / 1h	31m 44s	$8.3M	$14.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$23.05
Price spread: −0.166% → −0.054%: −$11.15
Slippage, 4 orders: −$44.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$97.92
Costs to cover: 0.637%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Hyperliquid: live order book, 11 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 Kraken Futures live order book, 2 min ago	5.68 bp	25.2 bp −$25	54.0 bp −$540	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.71 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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
Variational Omni PENGU	−0.0010%	4h	0.008770	−0.539%	$872K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	−0.064%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−0.095%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008801	−0.189%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.325%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008813	−0.052%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	−0.155%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−0.087%	$19K	$168K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	−0.007%	$594K	$991K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008803	−0.166%	$8.3M	$14.9M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008804	−0.154%	$143K	$506K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	−0.155%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008800	−0.199%	$37.6M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008791	−0.302%	$22.9M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008800	−0.200%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	−0.087%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008804	−0.155%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	−0.132%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008804	−0.155%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008795	−0.257%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008803	−0.166%	$302K	$313K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008804	−0.155%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	−0.177%	$80K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009025	+2.352%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008809	−0.098%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008823	+0.061%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008799	−0.212%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	−0.155%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0210%	1h	0.008818	long leg	$363K	$2.3M	50x
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	−0.035%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0239%	1h	0.008803	−0.171%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008812	−0.064%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.694%	$95K	$100K	50x	as long as short