PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0111%/8h= −12.2% APRnext payment −$0.14 per $10,000 · paid last 24h −0.007%

Price spread now: Backpack against Kraken Futures−0.086%7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$780.775% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$13 on $10k

Price spread, last 3 days (all we have)−0.067%−$7 · spread now −0.086%, 7d avg −0.107%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.022% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.086% now, against its 7-day average of −0.107%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008760	0.0211	pay 0.0026% / 1h	53m 49s	$362K	$2.3M	50x
Short	Backpack PENGU_USDC_PERP	0.008753	0.0100	get 0.0013% / 1h	53m 49s	$300K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$23.33
Price spread: −0.086% → −0.107%: $2.19
Slippage, 4 orders: −$57.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$98.69
Costs to cover: 0.775%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 15 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, 5 min ago	15.36 bp	27.2 bp −$27	90.1 bp −$901	doesn't fit	doesn't fit
Sell Backpack live order book, 15 min ago	0.56 bp	13.2 bp −$13	doesn't fit	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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	+0.234%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0200%	1h	0.008718	−0.485%	$516K	$899K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−0.609%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0078%	4h	0.008758	−0.029%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008745	−0.177%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008726	−0.393%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008714	−0.531%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.325%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0080%	1h	0.008730	−0.350%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008760	−0.006%	$304K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008740	−0.234%	$19K	$179K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008756	−0.051%	$8.2M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008749	−0.131%	$168K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008731	−0.337%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008769	+0.097%	$37.1M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008750	−0.120%	$22.8M	$37.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008753	−0.086%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.462%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008766	+0.063%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008750	−0.120%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008752	−0.097%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008763	+0.029%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008753	−0.086%	$300K	$323K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008748	−0.147%	$457K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008939	+2.038%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008748	−0.143%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	−0.200%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008764	+0.042%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	−0.154%	$202K	—	3x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0211%	1h	0.008760	long leg	$362K	$2.3M	50x
Reya PENGURUSDPERP	+0.0238%	1h	0.008720	−0.464%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008732	−0.325%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008724	−0.417%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.357%	$95K	$104K	50x	as long as short