Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h +0.018%

Price spread now: BingX against Kraken Futures−0.023%53s7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as 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−$580.577% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 3 days (all we have)−0.114%−$11 · spread now −0.023%, 7d avg −0.101%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.078% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.023% now, against its 7-day average of −0.101%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.053% in total) that is about 10 days. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008862	0.0209	pay 0.0026% / 1h	27m 26s	$365K	$2.3M	50x
Short	BingX PENGU-USDT	0.008860	0.0100	get 0.0050% / 4h	2h 27m	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$22.83
Price spread: −0.023% → −0.101%: $7.82
Slippage, 4 orders: −$37.68
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$72.68
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; BingX: live order book, 3 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, 1 min ago	9.59 bp	25.9 bp −$26	43.9 bp −$439	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.57 bp	8.1 bp −$8	13.7 bp −$137	47.9 bp −$4,792	304.8 bp −$152.4K

PENGU on 33 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008858	−0.045%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008855	−0.077%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0019%	4h	0.008791	−0.800%	$874K	$1.0M	—	as long as short
Gate PENGU_USDT	+0.0024%	4h	0.008853	−0.102%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.824%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008860	−0.023%	$203	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008863	+0.011%	$313K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008850	−0.136%	$19K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008864	+0.020%	$597K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008864	+0.022%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008858	−0.047%	$144K	$508K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008861	−0.011%	$156K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008859	−0.039%	$37.8M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008850	−0.136%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008859	−0.034%	$7.6M	$47.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.136%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008860	−0.023%	$12.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008863	+0.011%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008863	+0.011%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008860	−0.023%	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008854	−0.090%	$303K	$306K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008815	−0.530%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008806	−0.632%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009065	+2.291%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008855	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	−0.169%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008857	−0.060%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008852	−0.113%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0209%	1h	0.008862	long leg	$365K	$2.3M	50x
Reya PENGURUSDPERP	+0.0238%	1h	0.008860	−0.026%	$299	—	10x	as long as short
dYdX PENGU-USD	+0.0267%	1h	0.008868	+0.073%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0708%	1h	0.008852	−0.113%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.185%	$95K	$100K	50x	as long as short