PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1647%/8h= +180.4% APRnext payment +$2.06 per $10,000 · paid last 24h +0.607%

Price spread now: Coinbase International against Kraken Futures+2.234%7-day average +0.687% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$2392.386% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.687%+$169 on $10k

Price spread, last 3 days (all we have)−1.643%−$164 · spread now +2.234%, 7d avg +0.687%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$49 a day on $10k at the current rate, and Coinbase International is 1.547% dearer against Kraken Futures than usual: you sell high and buy low: +$155 more if the spread goes back to its 7-day average of +0.687%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008771	0.0649	pay 0.0081% / 1h	14m 15s	$352K	$2.3M	50x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.2296	get 0.0287% / 1h	14m 15s	$95K	$90K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +2.234%Rate

Funding earned: $345.97
Price spread: +2.234% → +0.687%: $154.68
Slippage, 4 orders: −$218.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $262.03
Costs to cover: 2.386%
Break-even: 1.7 days

Slippage from Kraken Futures: live order book, 4 min ago; Coinbase International: live order book, 79 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, 4 min ago	9.68 bp	19.4 bp −$19	45.5 bp −$455	doesn't fit	doesn't fit
Sell Coinbase International live order book, 79 min ago	84.41 bp	90.2 bp −$90	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008766	−0.058%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008763	−0.092%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0004%	4h	0.008759	−0.137%	$3.3M	$15.7M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008762	−0.107%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.205%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008767	−0.046%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008764	−0.080%	$23K	$164K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008766	−0.052%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008764	−0.080%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008766	−0.058%	$121K	$579K	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	0.008770	−0.012%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008763	−0.092%	$36.5M	$160.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008759	−0.137%	$23.2M	$38.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008766	−0.058%	$7.3M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008760	−0.126%	$11.3M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008764	−0.080%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008764	−0.080%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008762	−0.103%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008772	+0.011%	$300K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008785	+0.157%	$873K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008782	+0.123%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	+0.125%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008981	+2.394%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008760	−0.126%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008783	+0.136%	$92K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008758	−0.153%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	−0.126%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0226%	1h	0.008769	−0.026%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008759	−0.142%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	+0.022%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008761	−0.115%	$131K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0649%	1h	0.008771	long leg	$352K	$2.3M	50x
Coinbase International PENGU-PERP-INTXshort	+0.2296%	1h	0.008967	+2.234%	$95K	$90K	50x