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= −71.4% APRpaid last 24h +0.028%

Price spread now: Kraken Futures against GRVT−0.091%75s7-day average +0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as 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−$800.799% of the position

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 on $10k

Price spread, last 3 days (all we have)+0.266%+$27 · spread now −0.091%, 7d avg +0.123%

Together, before fees+0.415%+ Points / potential airdropGRVT: Active · farm board+$42 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 0.213% cheaper against GRVT than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.123%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.149%, so the current rate has only just turned against you. The two prices were read 75 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 0.149% in total (about 7.8% 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	GRVT PENGU_USDT_Perp	0.008672	0.0100	pay 0.0050% / 4h	2h 31m	$454K	$2.4M	10x
Short	Kraken Futures PF_PENGUUSD	0.008664	−0.0552	pay 0.0069% / 1h	31m 42s	$384K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against GRVT. 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 GRVTbpFee Kraken FuturesbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$136.95
Price spread: −0.091% → +0.123%: −$21.35
Slippage, 4 orders: −$60.94
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$238.24
Costs to cover: 0.799%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Kraken Futures: live order book, 2 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 GRVT live order book, 2 min ago	1.15 bp	13.1 bp −$13	38.2 bp −$382	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	9.23 bp	27.7 bp −$28	60.8 bp −$608	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	0.008664	−0.091%	$384K	$2.1M	50x
Gate PENGU_USDT	−0.0356%	4h	0.008659	−0.149%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0162%	4h	0.008657	−0.172%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.497%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008664	−0.091%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0072%	1h	0.008661	−0.125%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−0.064%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	−0.079%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008666	−0.068%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008666	−0.068%	$295K	$720K	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	0.008662	−0.108%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008670	−0.022%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008668	−0.044%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	−0.079%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008666	−0.072%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008661	−0.125%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.022%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008665	−0.079%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	−0.102%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008668	−0.045%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008663	−0.102%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.285%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008672	long leg	$454K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.001%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008665	−0.079%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008878	+2.377%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008660	−0.137%	$976	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008685	+0.151%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008662	−0.113%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	−0.137%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008662	−0.116%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	−0.091%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008664	−0.091%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.304%	$92K	$96K	50x	as long as short