Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0439%/8h= −48.0% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against Binance+0.274%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.274%, 7d avg +0.098%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.176% dearer against Binance than usual: you sell high and buy low (spread +0.274% now, against its 7-day average of +0.098%): +$18 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 32 hours. Mind the row above: over the last 7 days funding on this pair paid +0.075%, 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 0.075% in total (about 3.9% 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	Binance PENGUUSDT	0.008819	0.0100	pay 0.0050% / 4h	52m 43s	$36.6M	$153.8M	75x
Short	Kraken Futures PF_PENGUUSD	0.008843	−0.0339	pay 0.0042% / 1h	52m 43s	$368K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.274%Rate

Funding earned: −$92.1
Price spread: +0.274% → +0.098%: $17.62
Slippage, 4 orders: −$29.15
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$123.62
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from Binance: live order book, 5 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 Binance live order book, 5 min ago	0.57 bp	7.8 bp −$8	18.0 bp −$180	70.1 bp −$7,007	doesn't fit
Sell Kraken Futures live order book, 1 min ago	1.13 bp	15.7 bp −$16	31.4 bp −$314	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	−0.0339%	1h	0.008843	+0.274%	$368K	$2.2M	50x
Gate PENGU_USDT	−0.0256%	4h	0.008826	+0.084%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0223%	4h	0.008811	−0.086%	$22.9M	$36.6M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	−0.128%	$804K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.335%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008827	+0.096%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008833	+0.164%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008833	+0.168%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0024%	1h	0.008832	+0.156%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0059%	1h	0.008832	+0.152%	$689K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008819	+0.005%	$309K	$738K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008834	+0.175%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008827	+0.096%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008835	+0.184%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008820	+0.016%	$152K	$239K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008819	long leg	$36.6M	$153.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008819	+0.005%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.016%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008815	−0.040%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008824	+0.062%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008823	+0.050%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008828	+0.107%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008827	+0.096%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.198%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	+0.005%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009042	+2.534%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008833	+0.164%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.323%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008824	+0.059%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008834	+0.175%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008829	+0.123%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	+0.073%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008834	+0.175%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.357%	$94K	$104K	50x	as long as short