Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.015%

Price spread now: Bybit against Kraken Futures−0.123%7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$830.829% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.123%, 7d avg −0.140%

Together, before fees−0.208%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.140%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008873	0.0361	pay 0.0045% / 1h	27m 29s	$347K	$2.3M	50x
Short	Bybit PENGUUSDT	0.008862	0.0100	get 0.0050% / 4h	27m 29s	$23.5M	$39.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$54.81
Price spread: −0.123% → −0.140%: $1.73
Slippage, 4 orders: −$61.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$135.97
Costs to cover: 0.829%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Bybit: live order book, 1 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	14.06 bp	35.7 bp −$36	83.3 bp −$833	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.56 bp	11.4 bp −$11	31.0 bp −$310	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008865	−0.089%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008848	−0.276%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.946%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0076%	4h	0.008865	−0.089%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008876	+0.035%	$203	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008872	−0.010%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008862	−0.123%	$23K	$123K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008865	−0.086%	$598K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008864	−0.100%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008874	+0.014%	$123K	$589K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008866	−0.078%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008867	−0.066%	$37.1M	$163.1M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008862	−0.123%	$23.5M	$39.4M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008862	−0.123%	$7.4M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−0.033%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008860	−0.145%	$10.9M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008867	−0.066%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008860	−0.145%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008868	−0.055%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008869	−0.044%	$300K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.473%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008854	−0.217%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008885	+0.136%	$81K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009078	+2.312%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008861	−0.134%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008916	+0.486%	$93K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008871	−0.024%	$186K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008855	−0.202%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008856	−0.194%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008871	−0.021%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0361%	1h	0.008873	long leg	$347K	$2.3M	50x
dYdX PENGU-USD	+0.0506%	1h	0.008864	−0.097%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008848	−0.281%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008921	+0.542%	$95K	$61K	50x	as long as short