Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.067%

Price spread now: BloFin against Kraken Futures−0.069%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$640.641% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.388%+$39 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.069%, 7d avg −0.090%

Together, before fees+0.372%+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.020% dearer against Kraken Futures than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008777	0.0322	pay 0.0040% / 1h	36m 32s	$321K	$2.4M	50x
Short	BloFin PENGU-USDT	0.008771	0.0340	get 0.0170% / 4h	2h 36m	$1.5M	$4.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.069%Rate

Funding earned: $3.83
Price spread: −0.069% → −0.090%: $2.03
Slippage, 4 orders: −$42.12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$58.25
Costs to cover: 0.641%
Break-even: 113.4 days

Slippage from Kraken Futures: live order book, 2 min ago; BloFin: 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 Kraken Futures live order book, 2 min ago	7.99 bp	19.8 bp −$20	51.8 bp −$518	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	1.71 bp	9.2 bp −$9	18.1 bp −$181	53.8 bp −$5,379	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008772	−0.063%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.136%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0092%	1h	0.008775	−0.024%	$17K	$12K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008781	+0.045%	$318K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008770	−0.081%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008773	−0.047%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008781	+0.044%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008779	+0.022%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008779	+0.025%	$37.0M	$176.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008768	−0.103%	$23.3M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008767	−0.115%	$7.6M	$50.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.033%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008774	−0.035%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008779	+0.022%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.033%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008770	−0.081%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008768	−0.103%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008774	−0.035%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008744	−0.375%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.360%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008742	−0.400%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008774	−0.035%	$23K	$158K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008984	+2.357%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	−0.024%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008786	+0.102%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008774	−0.030%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008767	−0.115%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0178%	1h	0.008778	+0.012%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008779	+0.022%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008763	−0.160%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0322%	1h	0.008777	long leg	$321K	$2.4M	50x
BloFin PENGU-USDTshort	+0.0340%	4h	0.008771	−0.069%	$1.5M	$4.3M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0422%	1h	0.008771	−0.069%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008788	+0.124%	$77K	$76K	50x	as long as short