Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0653%/8h= −71.5% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against Aster−0.080%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Aster Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 3 days (all we have)+0.083%+$8 · spread now −0.080%, 7d avg +0.054%

Together, before fees+0.151%+ Points / potential airdropAster: Stage 5 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Kraken Futures is 0.134% cheaper against Aster than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.054%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.068%, 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 0.068% in total (about 3.5% 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	Aster PENGUUSDT	0.008664	0.0100	pay 0.0050% / 4h	2h 37m	$171K	$448K	20x
Short	Kraken Futures PF_PENGUUSD	0.008657	−0.0553	pay 0.0069% / 1h	37m 45s	$384K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Aster. 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 AsterbpFee Kraken FuturesbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$137.04
Price spread: −0.080% → +0.054%: −$13.39
Slippage, 4 orders: −$52.63
Fee Aster: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$221.06
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Aster: live order book, 49 min ago; Kraken Futures: live order book, 1 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 Aster live order book, 49 min ago	4.54 bp	11.8 bp −$12	117.5 bp −$1,175	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	12.73 bp	21.6 bp −$22	46.2 bp −$462	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_PENGUUSDshort	−0.0553%	1h	0.008657	−0.080%	$384K	$2.1M	50x
Gate PENGU_USDT	−0.0382%	4h	0.008657	−0.079%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0258%	4h	0.008656	−0.090%	$22.4M	$35.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0212%	1h	0.008653	−0.125%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008657	−0.079%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.591%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008665	+0.011%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008652	−0.134%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008647	−0.194%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−0.009%	$294K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	−0.237%	$670K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008668	+0.048%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.008664	long leg	$171K	$448K	20x
Pacifica PENGU	+0.0100%	1h	0.008662	−0.021%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008663	−0.013%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008662	−0.021%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.071%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	−0.021%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008658	−0.067%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	+0.037%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008662	−0.021%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.038%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−0.006%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.037%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008653	−0.125%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008852	+2.172%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008651	−0.148%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008654	−0.113%	$90K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008664	+0.003%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008650	−0.160%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008641	−0.264%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.229%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008653	−0.125%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.761%	$94K	$97K	50x	as long as short