Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0653%/8h= +71.5% APRpaid last 24h −0.008%

Price spread now: Aster against Kraken Futures+0.022%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$720.715% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 3 days (all we have)+0.055%+$5 · spread now +0.022%, 7d avg −0.057%

Together, before fees−0.013%+ Points / potential airdropAster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Aster is 0.079% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.057%. Mind the row above: over the last 7 days funding on this pair cost −0.068%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.068% in total (about -3.5% 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	Kraken Futures PF_PENGUUSD	0.008656	−0.0553	get 0.0069% / 1h	49m 08s	$383K	$2.1M	50x
Short	Aster PENGUUSDT	0.008658	0.0100	get 0.0050% / 4h	2h 49m	$171K	$448K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now +0.022%Rate

Funding earned: $137.06
Price spread: +0.022% → −0.057%: $7.93
Slippage, 4 orders: −$53.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $73.44
Costs to cover: 0.715%
Break-even: 3.2 days

Slippage from Kraken Futures: live order book, 4 min ago; Aster: live order book, 38 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 Kraken Futures live order book, 4 min ago	9.80 bp	20.2 bp −$20	52.7 bp −$527	doesn't fit	doesn't fit
Sell Aster live order book, 38 min ago	4.54 bp	11.0 bp −$11	37.3 bp −$373	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_PENGUUSDlong	−0.0553%	1h	0.008656	long leg	$383K	$2.1M	50x
Bybit PENGUUSDT	−0.0405%	4h	0.008645	−0.125%	$22.6M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0362%	4h	0.008648	−0.090%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008655	−0.009%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0256%	1h	0.008650	−0.067%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.684%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.153%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008658	+0.023%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008655	−0.009%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.078%	$79K	$254K	50x	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	0.008655	−0.009%	$293K	$719K	8x	as long as short
Nado PENGU-PERP	+0.0097%	1h	0.008654	−0.015%	$671K	$759K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008659	+0.037%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008658	+0.022%	$171K	$448K	20x
Pacifica PENGU	+0.0100%	1h	0.008659	+0.037%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008655	−0.009%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008650	−0.067%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.049%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008653	−0.032%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008650	−0.067%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008655	−0.009%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008650	−0.067%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.118%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008652	−0.044%	$453K	$2.4M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008657	+0.014%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008857	+2.325%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008652	−0.044%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.210%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008650	−0.064%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−0.055%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008650	−0.062%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008658	+0.026%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008657	+0.014%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.856%	$94K	$97K	50x	as long as short