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+0.012%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$540.535% 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)−0.121%−$12 · spread now +0.012%, 7d avg −0.054%

Together, before fees−0.256%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.067% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.054%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008817	0.0210	pay 0.0026% / 1h	21m 13s	$360K	$2.3M	50x
Short	Hyperliquid PENGU	0.008818	0.0100	get 0.0013% / 1h	21m 13s	$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 +0.012%Rate

Funding earned: −$23.05
Price spread: +0.012% → −0.054%: $6.69
Slippage, 4 orders: −$34.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.86
Costs to cover: 0.535%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Hyperliquid: live order book, 12 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	1.70 bp	20.1 bp −$20	55.1 bp −$551	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.13 bp	7.2 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	−0.056%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008813	−0.046%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.316%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	+0.0043%	4h	0.008835	+0.206%	$879K	$1.0M	—	as long as short
Gate PENGU_USDT	+0.0048%	4h	0.008812	−0.056%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008812	−0.056%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008809	−0.090%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−0.078%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008812	−0.056%	$593K	$990K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008818	+0.012%	$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	0.008817	+0.004%	$143K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008810	−0.078%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008806	−0.127%	$37.6M	$157.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.237%	$23.1M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008796	−0.237%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	−0.078%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	−0.180%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	−0.124%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	−0.169%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008803	−0.158%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008798	−0.214%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	+0.036%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	−0.044%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.406%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	−0.067%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	+0.171%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008807	−0.111%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008805	−0.135%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0210%	1h	0.008817	long leg	$360K	$2.3M	50x
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.037%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0296%	1h	0.008808	−0.100%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008813	−0.044%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.702%	$95K	$94K	50x	as long as short