Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against KuCoin+0.034%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$660.663% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.034%, 7d avg +0.012%

Together, before fees−0.085%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 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: Hyperliquid is 0.022% dearer against KuCoin than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008765	0.0100	pay 0.0050% / 4h	1h 50m	$4.8M	$8.8M	75x
Short	Hyperliquid PENGU	0.008768	0.0100	get 0.0013% / 1h	50m 35s	$8.7M	$15.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.012%: $2.24
Slippage, 4 orders: −$45.28
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$64.05
Costs to cover: 0.663%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Hyperliquid: live order book, 2 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 KuCoin live order book, 3 min ago	2.28 bp	27.5 bp −$28	61.9 bp −$619	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	0.57 bp	6.9 bp −$7	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	−0.0608%	1h	0.008776	+0.124%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008759	−0.068%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008764	−0.011%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008769	+0.046%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0006%	4h	0.008753	−0.137%	$22.7M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	+0.096%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.570%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008769	+0.048%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0048%	1h	0.008763	−0.023%	$679K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008766	+0.011%	$300K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUshort	+0.0100%	1h	0.008768	+0.034%	$8.7M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008771	+0.074%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008766	+0.011%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008763	−0.022%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008760	−0.057%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008763	−0.023%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008765	long leg	$4.8M	$8.8M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008766	+0.011%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008762	−0.034%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	0.000%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.436%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	+0.047%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008763	−0.023%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	+0.091%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008984	+2.499%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008764	−0.011%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008793	+0.319%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008757	−0.096%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	0.000%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	−0.028%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	+0.091%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008774	+0.103%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008785	+0.228%	$93K	$101K	50x	as long as short