Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0263%/8h= −28.8% APRpaid last 24h +0.005%

Price spread now: KuCoin against Kraken Futures−0.077%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1041.042% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.077%, 7d avg −0.068%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.068%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.074% in total (about -3.8% 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	0.008827	0.0363	pay 0.0045% / 1h	24m 12s	$345K	$2.3M	50x
Short	KuCoin PENGUUSDTM	0.008820	0.0100	get 0.0050% / 4h	24m 12s	$4.9M	$9.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$55.21
Price spread: −0.077% → −0.068%: −$0.9
Slippage, 4 orders: −$82.18
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$160.29
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; KuCoin: live order book, 4 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	14.06 bp	35.7 bp −$36	83.3 bp −$833	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.82 bp	25.2 bp −$25	68.3 bp −$683	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	0.008821	−0.065%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008817	−0.113%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.428%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0072%	4h	0.008815	−0.133%	$3.3M	$15.7M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008825	−0.020%	$314K	$719K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008822	−0.054%	$23K	$121K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008825	−0.020%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008819	−0.085%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008816	−0.122%	$155K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	−0.057%	$36.9M	$163.3M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008818	−0.099%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008820	−0.077%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.037%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008821	−0.065%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008820	−0.077%	$4.9M	$9.2M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008821	−0.065%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008816	−0.122%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	−0.167%	$299K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008840	+0.148%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008868	+0.466%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008860	+0.376%	$80K	$242K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	−0.060%	$595K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009031	+2.314%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008822	−0.054%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008831	+0.048%	$92K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008814	−0.143%	$185K	$946K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008824	−0.031%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008812	−0.167%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008817	−0.106%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008828	+0.014%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0363%	1h	0.008827	long leg	$345K	$2.3M	50x
dYdX PENGU-USD	+0.0506%	1h	0.008817	−0.114%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0515% / S −0.0584%	1h	0.008816	−0.122%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.396%	$96K	$62K	50x	as long as short