PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0554%/8h= +60.7% APRnext payment +$0.69 per $10,000 · paid last 24h −0.013%

Price spread now: Kraken Futures against Lighter−0.007%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

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

Long on Lighter Short on Kraken Futures

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)−0.116%−$12 · spread now −0.007%, 7d avg +0.046%

Together, before fees−0.045%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.053% cheaper against Lighter than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.046%). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.071% in total) that is about 5.2 days.

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	Lighter PENGU	0.008751	0.0096	pay 0.0012% / 1h	34m 51s	$311K	$709K	8x
Short	Kraken Futures PF_PENGUUSD	0.008750	0.0650	get 0.0081% / 1h	34m 51s	$354K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now −0.007%Rate

Funding earned: $116.35
Price spread: −0.007% → +0.046%: −$5.3
Slippage, 4 orders: −$64.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $36.68
Costs to cover: 0.744%
Break-even: 4.8 days

Slippage from Lighter: live order book, 25 min ago; Kraken Futures: 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 Lighter live order book, 25 min ago	3.41 bp	22.8 bp −$23	97.9 bp −$979	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	6.88 bp	14.2 bp −$14	49.1 bp −$491	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008739	−0.137%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0014%	4h	0.008731	−0.229%	$3.3M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008748	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008748	−0.036%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.434%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008751	long leg	$311K	$709K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008748	−0.034%	$23K	$166K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008721	−0.343%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008749	−0.023%	$121K	$577K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008732	−0.217%	$154K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008731	−0.228%	$36.5M	$160.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008718	−0.377%	$23.2M	$38.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008718	−0.377%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.126%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008732	−0.217%	$11.5M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008745	−0.069%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008726	−0.286%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008718	−0.377%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008747	−0.046%	$300K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	−0.151%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008720	−0.358%	$466K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008717	−0.389%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008741	−0.109%	$586K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008956	+2.343%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008747	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008772	+0.240%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008739	−0.142%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.149%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0189%	1h	0.008729	−0.254%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008742	−0.101%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008744	−0.080%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008747	−0.046%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0650%	1h	0.008750	−0.007%	$354K	$2.3M	50x
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.468%	$95K	$94K	50x	as long as short