Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0649%/8h= −71.0% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against MEXC+0.088%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now +0.088%, 7d avg +0.097%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.097%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.086%, 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 0.086% in total (about 4.5% 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	MEXC PENGU_USDT	0.008712	0.0100	pay 0.0050% / 4h	2h 20m	$12.9M	$12.7M	125x
Short	Kraken Futures PF_PENGUUSD	0.008720	−0.0549	pay 0.0069% / 1h	20m 14s	$387K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$136.21
Price spread: +0.088% → +0.097%: −$0.87
Slippage, 4 orders: −$32.75
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$179.83
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Kraken Futures: live order book, 3 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 MEXC live order book, 3 min ago	0.57 bp	3.6 bp −$4	10.6 bp −$106	55.3 bp −$5,525	129.5 bp −$64.8K
Sell Kraken Futures live order book, 3 min ago	6.89 bp	20.8 bp −$21	48.0 bp −$480	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	−0.0549%	1h	0.008720	+0.088%	$387K	$2.1M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008712	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008710	−0.023%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.034%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	+0.055%	$12K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008716	+0.046%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0014%	4h	0.008708	−0.046%	$22.6M	$36.0M	75x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008714	+0.023%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0025%	1h	0.008717	+0.057%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008714	+0.023%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008719	+0.075%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008721	+0.103%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008717	+0.059%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008716	+0.046%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008712	0.000%	$36.0M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008713	+0.011%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008712	long leg	$12.9M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008715	+0.034%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008715	+0.034%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008713	+0.011%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	−0.034%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	−0.126%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008702	−0.115%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008713	+0.011%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008921	+2.399%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008711	−0.011%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008736	+0.275%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008709	−0.034%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008710	−0.023%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008711	−0.009%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.023%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008714	+0.023%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.115%	$93K	$96K	50x	as long as short