Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0437%/8h= +47.8% APRpaid last 24h +0.037%

Price spread now: Kraken Futures against Bybit+0.443%7-day average +0.131% · 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−$35as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.443%, 7d avg +0.131%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Kraken Futures is 0.312% dearer against Bybit than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.131%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.233% in total (about 12.1% 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	Bybit PENGUUSDT	0.009054	0.0100	pay 0.0050% / 4h	3h 59m	$24.4M	$46.3M	75x
Short	Kraken Futures PF_PENGUUSD	0.009094	0.0537	get 0.0067% / 1h	59m 30s	$353K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.443%Rate

Funding earned: $91.76
Price spread: +0.443% → +0.131%: $31.23
Slippage, 4 orders: −$44.79
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $57.21
Costs to cover: 0.658%
Break-even: 2.6 days

Slippage from Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.55 bp	10.8 bp −$11	27.7 bp −$277	126.3 bp −$12.6K	doesn't fit
Sell Kraken Futures live order book, 4 min ago	3.30 bp	20.9 bp −$21	47.4 bp −$474	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009066	+0.127%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.927%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009087	+0.364%	$328K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009066	+0.133%	$643K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009070	+0.177%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009067	+0.145%	$142K	$736K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009082	+0.309%	$137K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009065	+0.116%	$39.9M	$195.6M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.009054	long leg	$24.4M	$46.3M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009059	+0.055%	$8.1M	$57.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009060	+0.066%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009073	+0.210%	$3.7M	$17.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009066	+0.133%	$11.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009067	+0.144%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009071	+0.188%	$8.8M	$14.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009077	+0.254%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009082	+0.309%	$314K	$387K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009072	+0.202%	$934K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	+0.348%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009089	+0.387%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009081	+0.298%	$23K	$310K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009302	+2.739%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009084	+0.331%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009097	+0.475%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009071	+0.186%	$186K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009080	+0.287%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0190%	1h	0.009086	+0.353%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009081	+0.297%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009100	+0.508%	$1.6M	$5.1M	75x	as long as short
dYdX PENGU-USD	+0.0407%	1h	0.009078	+0.268%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009080	+0.287%	$104K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0537%	1h	0.009094	+0.443%	$353K	$2.6M	50x
01 Exchange PENGUUSD	+0.0592%	1h	0.009067	+0.144%	$207	$41	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009233	+1.977%	$81K	$74K	50x	as long as short