PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0555%/8h= −60.8% APRnext payment −$0.69 per $10,000 · paid last 24h +0.013%

Price spread now: Lighter against Kraken Futures−0.033%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$740.744% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.033%, 7d avg −0.046%

Together, before fees+0.085%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$17 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 -0.071% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.69 per $10,000. 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	0.008733	0.0651	pay 0.0081% / 1h	33m 54s	$354K	$2.3M	50x
Short	Lighter PENGU	0.008730	0.0096	get 0.0012% / 1h	33m 54s	$310K	$709K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$116.62
Price spread: −0.033% → −0.046%: $1.36
Slippage, 4 orders: −$64.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$189.63
Costs to cover: 0.744%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Lighter: live order book, 26 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, 5 min ago	6.88 bp	20.4 bp −$20	52.3 bp −$523	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	3.41 bp	17.1 bp −$17	74.8 bp −$748	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	−0.0208%	1h	0.008722	−0.124%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0048%	1h	0.008726	−0.079%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0026%	4h	0.008726	−0.079%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008725	−0.090%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.643%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008730	−0.033%	$310K	$709K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008726	−0.079%	$22K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008722	−0.124%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008731	−0.021%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008734	+0.014%	$121K	$577K	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	0.008724	−0.102%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008725	−0.086%	$36.5M	$160.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008724	−0.102%	$23.2M	$38.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008729	−0.044%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.033%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008726	−0.079%	$11.5M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008730	−0.033%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008731	−0.021%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008718	−0.170%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008725	−0.090%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.056%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008720	−0.151%	$466K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008717	−0.182%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008925	+2.200%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008724	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008738	+0.059%	$91K	$349K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008724	−0.101%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008715	−0.205%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0193%	1h	0.008722	−0.129%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008722	−0.123%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008744	+0.127%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008725	−0.090%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0651%	1h	0.008733	long leg	$354K	$2.3M	50x
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.681%	$95K	$94K	50x	as long as short