Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0652%/8h= −71.3% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against Bitget−0.006%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$730.733% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.006%, 7d avg +0.045%

Together, before fees+0.124%+$12 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 0.051% cheaper against Bitget than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.064%, 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 0.064% in total (about 3.3% 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	Bitget PENGUUSDT	0.008673	0.0100	pay 0.0050% / 4h	2h 37m	$8.2M	$12.5M	75x
Short	Kraken Futures PF_PENGUUSD	0.008672	−0.0552	pay 0.0069% / 1h	37m 21s	$384K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$136.83
Price spread: −0.006% → +0.045%: −$5.1
Slippage, 4 orders: −$51.3
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$215.23
Costs to cover: 0.733%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 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 Bitget live order book, 1 min ago	1.16 bp	11.8 bp −$12	23.2 bp −$232	83.8 bp −$8,377	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	−0.0552%	1h	0.008672	−0.006%	$384K	$2.1M	50x
Gate PENGU_USDT	−0.0382%	4h	0.008672	−0.012%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0232%	4h	0.008665	−0.092%	$22.4M	$35.9M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008657	−0.184%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.484%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008673	0.000%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008665	−0.095%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	+0.006%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008677	+0.046%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−0.115%	$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
Hyperliquid PENGU	+0.0100%	1h	0.008679	+0.069%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008666	−0.085%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008662	−0.127%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008674	+0.012%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008668	−0.058%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.035%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008672	−0.012%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008672	−0.012%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008673	long leg	$8.2M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008657	−0.184%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.144%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−0.112%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	−0.069%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008665	−0.086%	$672K	$757K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008674	+0.012%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008885	+2.444%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008668	−0.058%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.208%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008669	−0.051%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008668	−0.058%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	−0.012%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.334%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008673	0.000%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.291%	$92K	$96K	50x	as long as short