Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0442%/8h= −48.4% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against KuCoin−0.026%7-day average +0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$850.855% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.026%, 7d avg +0.070%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.096% cheaper against KuCoin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.070%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.059%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% 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	KuCoin PENGUUSDTM	0.008752	0.0100	pay 0.0050% / 4h	26m 48s	$4.7M	$9.0M	75x
Short	Kraken Futures PF_PENGUUSD	0.008750	−0.0342	pay 0.0043% / 1h	26m 48s	$368K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$92.85
Price spread: −0.026% → +0.070%: −$9.6
Slippage, 4 orders: −$63.47
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$187.92
Costs to cover: 0.855%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Kraken Futures: live order book, 2 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 KuCoin live order book, 1 min ago	0.57 bp	22.0 bp −$22	52.7 bp −$527	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	2.86 bp	25.0 bp −$25	48.9 bp −$489	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
Kraken Futures PF_PENGUUSDshort	−0.0342%	1h	0.008750	−0.026%	$368K	$2.3M	50x
Gate PENGU_USDT	−0.0278%	4h	0.008743	−0.103%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0272%	4h	0.008737	−0.171%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008744	−0.091%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−0.143%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERP	−0.0141%	1h	0.008745	−0.080%	$312K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.423%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008745	−0.080%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	0.0000%	1h	0.008744	−0.086%	$694K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008747	−0.055%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0028%	1h	0.008750	−0.018%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008745	−0.081%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008750	−0.023%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008747	−0.057%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008743	−0.103%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008753	+0.008%	$188K	$469K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008745	−0.080%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008744	−0.093%	$36.2M	$154.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	−0.137%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.137%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008745	−0.080%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008752	long leg	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008748	−0.046%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008737	−0.171%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.069%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008955	+2.319%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.103%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.080%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	−0.127%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008741	−0.126%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008739	−0.153%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008749	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008747	−0.057%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.411%	$94K	$103K	50x	as long as short