Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0441%/8h= −48.2% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against BingX+0.147%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.147% dearer against BingX than usual: you sell high and buy low (spread +0.147% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 27 hours. Mind the row above: over the last 7 days funding on this pair paid +0.053%, 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 0.053% in total (about 2.8% 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	BingX PENGU-USDT	0.008778	0.0100	pay 0.0050% / 4h	3m 21s	—	$3.9M	—
Short	Kraken Futures PF_PENGUUSD	0.008791	−0.0341	pay 0.0043% / 1h	3m 21s	$369K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$92.52
Price spread: +0.147% → 0.000%: $14.66
Slippage, 4 orders: −$30.27
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$128.12
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Kraken Futures: 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 BingX live order book, 6 min ago	0.57 bp	7.2 bp −$7	11.1 bp −$111	40.3 bp −$4,028	362.9 bp −$181.5K
Sell Kraken Futures live order book, 5 min ago	3.43 bp	19.6 bp −$20	37.5 bp −$375	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	−0.0341%	1h	0.008791	+0.147%	$369K	$2.3M	50x
Bybit PENGUUSDT	−0.0311%	4h	0.008772	−0.068%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.555%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0300%	4h	0.008775	−0.034%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	−0.011%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0155%	1h	0.008776	−0.023%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.125%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008775	−0.028%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008780	+0.023%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008781	+0.028%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008782	+0.043%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.182%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008777	−0.011%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0099%	4h	0.008777	−0.011%	$7.6M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	+0.034%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008777	−0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008782	+0.043%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	−0.034%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008779	+0.011%	$36.5M	$155.3M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008778	0.000%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008778	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008782	+0.046%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008778	long leg	—	$3.9M	—
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008762	−0.182%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008986	+2.370%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008784	+0.068%	$90K	$284K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.001%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.034%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008775	−0.035%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008758	−0.228%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008779	+0.011%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.239%	$94K	$104K	50x	as long as short