Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0705%/8h= +77.2% APRpaid last 24h −0.001%

Price spread now: Binance against Kraken Futures−0.114%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$580.578% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.074%−$7 · spread now −0.114%, 7d avg −0.098%

Together, before fees−0.153%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.079%, 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 -0.079% in total (about -4.1% 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	Kraken Futures PF_PENGUUSD	0.008813	−0.0605	get 0.0076% / 1h	21m 35s	$370K	$2.2M	50x
Short	Binance PENGUUSDT	0.008803	0.0100	get 0.0050% / 4h	1h 21m	$36.6M	$153.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.114%Rate

Funding earned: $148.06
Price spread: −0.114% → −0.098%: −$1.62
Slippage, 4 orders: −$37.81
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $88.64
Costs to cover: 0.578%
Break-even: 2.8 days

Slippage from Kraken Futures: live order book, 2 min ago; Binance: live order book, 7 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, 2 min ago	3.41 bp	21.9 bp −$22	51.2 bp −$512	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.57 bp	9.8 bp −$10	16.8 bp −$168	71.4 bp −$7,142	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	−0.0605%	1h	0.008813	long leg	$370K	$2.2M	50x
Gate PENGU_USDT	−0.0292%	4h	0.008798	−0.172%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0147%	4h	0.008794	−0.218%	$22.9M	$36.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008805	−0.093%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0072%	1h	0.008805	−0.093%	$201	$59	5x	as long as short
Variational Omni PENGU	+0.0001%	4h	0.008766	−0.531%	$801K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008806	−0.083%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.274%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0094%	1h	0.008801	−0.138%	$685K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008808	−0.059%	$309K	$736K	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	0.008803	−0.116%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008809	−0.049%	$190K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008805	−0.093%	$151K	$238K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008803	−0.114%	$36.6M	$153.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008795	−0.206%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.150%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	−0.127%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008807	−0.070%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008801	−0.138%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008791	−0.252%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008807	−0.070%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008788	−0.280%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008792	−0.240%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008804	−0.104%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.222%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008803	−0.116%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008807	−0.070%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008799	−0.158%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008800	−0.150%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0132%	1h	0.008814	+0.012%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008793	−0.229%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008786	−0.309%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008805	−0.093%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.496%	$95K	$105K	50x	as long as short