PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0384%/8h= −42.0% APRnext payment −$0.48 per $10,000 · paid last 24h +0.038%

Price spread now: Kraken Futures against Backpack−0.318%51s7-day average +0.107% · 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—prices read too far apart to compare

costs, in and out, $10k−$740.740% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)+0.448%+$45 · spread now −0.318%, 7d avg +0.107%

Together, before fees+0.588%+$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Kraken Futures is 0.425% cheaper against Backpack than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of +0.107%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.140%, so the current rate has only just turned against you. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 per $10,000. 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	Backpack PENGU_USDC_PERP	0.008672	−0.0170	get 0.0021% / 1h	39m 14s	$309K	$316K	10x
Short	Kraken Futures PF_PENGUUSD	0.008644	−0.0553	pay 0.0069% / 1h	39m 14s	$383K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now −0.318%Rate

Funding earned: −$80.54
Price spread: −0.318% → +0.107%: −$42.48
Slippage, 4 orders: −$54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$197.02
Costs to cover: 0.740%
Break-even: never at this rate

Slippage from Backpack: live order book, 49 min ago; Kraken Futures: live order book, 4 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 Backpack live order book, 49 min ago	0.57 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	15.56 bp	26.8 bp −$27	52.8 bp −$528	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	0.008644	−0.318%	$383K	$2.1M	50x
Gate PENGU_USDT	−0.0390%	4h	0.008636	−0.415%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008644	−0.323%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0246%	4h	0.008636	−0.415%	$22.5M	$35.8M	75x	as long as short
Backpack PENGU_USDC_PERPlong	−0.0170%	1h	0.008672	long leg	$309K	$316K	10x
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.496%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008649	−0.260%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008645	−0.311%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008636	−0.415%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008641	−0.357%	$293K	$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	0.008634	−0.432%	$670K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008646	−0.300%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008646	−0.301%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008642	−0.346%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008640	−0.369%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008642	−0.346%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.369%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008639	−0.381%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008639	−0.381%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008646	−0.300%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008628	−0.507%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.132%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−0.101%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	−0.058%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	−0.311%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008851	+2.064%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008639	−0.381%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	−0.150%	$90K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008640	−0.363%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008641	−0.357%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008642	−0.349%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.323%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008645	−0.311%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.664%	$94K	$97K	50x	as long as short