Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.013%

Price spread now: KuCoin against Hyperliquid−0.078%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.078%, 7d avg −0.011%

Together, before fees+0.175%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and KuCoin is 0.067% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.011%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.076% in total (about 4.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.009032	0.0304	pay 0.0038% / 1h	31m 11s	$9.0M	$16.2M	5x
Short	KuCoin PENGUUSDTM	0.009025	0.0100	get 0.0050% / 4h	1h 31m	$5.0M	$10.1M	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 −0.078%Rate

Funding earned: −$42.86
Price spread: −0.078% → −0.011%: −$6.67
Slippage, 4 orders: −$44.85
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$115.38
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; KuCoin: live order book, 7 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, 12 min ago	1.10 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	1.11 bp	19.3 bp −$19	46.9 bp −$469	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009024	−0.093%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.690%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009033	+0.011%	$324K	$768K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009021	−0.127%	$635K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009032	−0.001%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009016	−0.177%	$136K	$295K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009023	−0.100%	$39.4M	$188.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009021	−0.122%	$23.9M	$44.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009022	−0.111%	$8.0M	$54.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009030	−0.022%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009021	−0.122%	$3.4M	$17.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009028	−0.044%	$11.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009025	−0.078%	$5.0M	$10.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009031	−0.011%	$8.6M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009023	−0.100%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009022	−0.111%	$310K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008984	−0.532%	$916K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009017	−0.163%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009022	−0.111%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009024	−0.089%	$23K	$217K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009241	+2.314%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009024	−0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009037	+0.055%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009021	−0.124%	$185K	$526K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009018	−0.155%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009023	−0.103%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0304%	1h	0.009027	−0.055%	$1K	$29K	10x	as long as short
Hyperliquid PENGUlong	+0.0304%	1h	0.009032	long leg	$9.0M	$16.2M	5x
BloFin PENGU-USDT	+0.0340%	4h	0.009020	−0.133%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009029	−0.033%	$207	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009019	−0.144%	$106K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0676%	1h	0.009031	−0.013%	$337K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0683%	1h	0.009013	−0.206%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+1.318%	$81K	$69K	50x	as long as short