Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0573%/8h= −62.7% APRpaid last 24h −0.007%

Price spread now: SunX against Kraken Futures+2.248%7-day average +2.605% · you sell dearer than you buy

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

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)+0.065%+$6 · spread now +2.248%, 7d avg +2.605%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and SunX is 0.357% cheaper against Kraken Futures than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +2.605%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.6% 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	0.009070	0.0673	pay 0.0084% / 1h	6m 29s	$337K	$2.5M	50x
Short	SunX PENGU-USDT	0.009274	0.0100	get 0.0050% / 4h	1h 06m	$3K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.248%Rate

Funding earned: −$120.27
Price spread: +2.248% → +2.605%: −$35.7
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$173.97
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; SunX: live order book, 10 min ago. 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, 2 min ago	2.76 bp	19.5 bp −$19	42.9 bp −$429	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	249.46 bp	doesn't fit	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009052	−0.202%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.100%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009067	−0.035%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009090	+0.225%	$641K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009092	+0.237%	$144K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009061	−0.101%	$137K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009094	+0.267%	$39.7M	$190.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009087	+0.186%	$24.1M	$44.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009091	+0.230%	$8.0M	$55.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.329%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009077	+0.076%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009074	+0.043%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009060	−0.112%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009094	+0.263%	$8.8M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009085	+0.164%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009059	−0.123%	$296K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	−0.279%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009042	−0.309%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.189%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009058	−0.134%	$23K	$243K	20x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009274	+2.248%	$3K	$2.2M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.009063	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009070	−0.001%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009087	+0.186%	$186K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009055	−0.167%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0203%	1h	0.009101	+0.340%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009093	+0.249%	$307	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0302%	1h	0.009063	−0.079%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009102	+0.351%	$208	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009063	−0.079%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009052	−0.200%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0562%	1h	0.009062	−0.094%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0673%	1h	0.009070	long leg	$337K	$2.5M	50x
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.715%	$80K	$70K	50x	as long as short