Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against KuCoin+0.296%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days−0.327%−$33 · spread now +0.296%, 7d avg +0.012%

Together, before fees−0.400%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 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 0.285% dearer against KuCoin than usual: you sell high and buy low, +$28 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	0.009119	0.0100	pay 0.0050% / 4h	3h 38m	$5.1M	$10.6M	75x
Short	Hyperliquid PENGU	0.009146	0.0100	get 0.0013% / 1h	38m 10s	$9.3M	$16.8M	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 +0.296%Rate

Funding earned: $0
Price spread: +0.296% → +0.012%: $28.45
Slippage, 4 orders: −$52.58
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$45.13
Costs to cover: 0.736%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; Hyperliquid: live order book, 5 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, 10 min ago	1.64 bp	29.5 bp −$29	60.3 bp −$603	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.09 bp	8.4 bp −$8	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
Gate PENGU_USDT	−0.0116%	4h	0.009117	−0.022%	$3.7M	$17.8M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009111	−0.092%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.619%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009117	−0.022%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009127	+0.088%	$333K	$753K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009102	−0.186%	$647K	$1.1M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.009146	+0.296%	$9.3M	$16.8M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009117	−0.018%	$132K	$761K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009104	−0.164%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009121	+0.026%	$40.4M	$196.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009116	−0.033%	$24.7M	$46.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009131	+0.132%	$8.2M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009110	−0.099%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009130	+0.121%	$11.6M	$13.0M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009119	long leg	$5.1M	$10.6M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009143	+0.263%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009128	+0.099%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009135	+0.175%	$317K	$390K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009139	+0.219%	$944K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009127	+0.085%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009143	+0.263%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009112	−0.077%	$23K	$324K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009321	+2.215%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009115	−0.044%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009121	+0.022%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009111	−0.091%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009110	−0.099%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009108	−0.115%	$308	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009110	−0.099%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0376%	1h	0.009117	−0.022%	$209	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009126	+0.075%	$351K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009111	−0.088%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1885%	1h	0.009100	−0.209%	$15K	$9K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.009%	$81K	$74K	50x	as long as short