Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0554%/8h= −60.7% APRpaid last 24h +0.013%

Price spread now: Orderly against Kraken Futures−0.001%7-day average −0.102% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now −0.001%, 7d avg −0.102%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.101% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.001% now, against its 7-day average of −0.102%): +$10 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.081% in total) that is about 8.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.081% in total (about -4.2% 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	0.008709	0.0653	pay 0.0082% / 1h	37m 54s	$355K	$2.3M	50x
Short	Orderly PERP_PENGU_USDC	0.008709	0.0099	get 0.0050% / 4h	1h 37m	$23K	$166K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.001%Rate

Funding earned: −$116.35
Price spread: −0.001% → −0.102%: $10.09
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$122.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

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	6.88 bp	20.4 bp −$20	52.3 bp −$523	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0209%	1h	0.008707	−0.024%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0032%	1h	0.008715	+0.068%	$199	$64	5x	as long as short
Gate PENGU_USDT	−0.0004%	4h	0.008696	−0.150%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008710	+0.013%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.918%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008706	−0.035%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008709	−0.001%	$23K	$166K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008717	+0.097%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008709	−0.001%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008703	−0.075%	$120K	$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	0.008721	+0.137%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008703	−0.070%	$36.4M	$159.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008704	−0.058%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008706	−0.035%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.125%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008709	−0.001%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008698	−0.127%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008710	+0.011%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008697	−0.139%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008698	−0.127%	$298K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	+0.031%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.509%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.562%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008911	+2.318%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008702	−0.081%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.286%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008704	−0.060%	$179K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008696	−0.150%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008718	+0.105%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008708	−0.011%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.035%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008711	+0.022%	$118K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0653%	1h	0.008709	long leg	$355K	$2.3M	50x
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.961%	$95K	$94K	50x	as long as short