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 Hyperliquid−0.023%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$680.681% 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−0.003%$0 · spread now −0.023%, 7d avg −0.011%

Together, before fees+0.077%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008842	0.0100	pay 0.0013% / 1h	35m 43s	$8.3M	$15.6M	5x
Short	KuCoin PENGUUSDTM	0.008840	0.0100	get 0.0050% / 4h	3h 35m	$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 −0.023%Rate

Funding earned: $0
Price spread: −0.023% → −0.011%: −$1.13
Slippage, 4 orders: −$47.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$69.2
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; KuCoin: 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 Hyperliquid live order book, 7 min ago	1.13 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	1.70 bp	30.6 bp −$31	57.9 bp −$579	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	0.008852	+0.113%	$369K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0268%	4h	0.008839	−0.034%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	−0.021%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008837	−0.057%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008848	+0.068%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008848	+0.066%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.599%	$3K	$117K	5.5x	as long as short
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.539%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0074%	1h	0.008840	−0.017%	$700K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008848	+0.066%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0092%	1h	0.008845	+0.034%	$307K	$317K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008844	+0.023%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008848	+0.068%	$24K	$183K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008842	long leg	$8.3M	$15.6M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008844	+0.020%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008841	−0.011%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008840	−0.023%	$36.9M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008839	−0.034%	$23.2M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008834	−0.090%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.136%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008840	−0.023%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008840	−0.023%	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008835	−0.079%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008840	−0.023%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008797	−0.509%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009043	+2.273%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008843	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008860	+0.204%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008837	−0.061%	$182K	$907K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008840	−0.023%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008842	−0.002%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008824	−0.204%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008847	+0.057%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.238%	$94K	$103K	50x	as long as short