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= −71.1% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against OKX+0.080%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.080%, 7d avg +0.095%

Together, before fees+0.146%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.095%, 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 +0.128%, 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 0.128% in total (about 6.7% 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	OKX PENGU-USDT-SWAP	0.008701	0.0100	pay 0.0050% / 4h	2h 23m	$7.7M	$46.5M	50x
Short	Kraken Futures PF_PENGUUSD	0.008708	−0.0549	pay 0.0069% / 1h	23m 04s	$386K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$136.36
Price spread: +0.080% → +0.095%: −$1.52
Slippage, 4 orders: −$48.92
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$206.8
Costs to cover: 0.689%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 6 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 OKX live order book, 1 min ago	0.57 bp	14.5 bp −$15	31.1 bp −$311	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 6 min ago	9.81 bp	20.7 bp −$21	49.0 bp −$490	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	0.008708	+0.080%	$386K	$2.1M	50x
Gate PENGU_USDT	−0.0290%	4h	0.008700	−0.011%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.161%	$3K	$81K	5.5x	as long as short
Bybit PENGUUSDT	−0.0039%	4h	0.008697	−0.046%	$22.5M	$35.9M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008701	+0.005%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008706	+0.057%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	+0.0004%	1h	0.008702	+0.011%	$310K	$315K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008703	+0.023%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008707	+0.069%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008705	+0.046%	$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	0.008700	−0.006%	$675K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008711	+0.115%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008705	+0.048%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008697	−0.046%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008704	+0.030%	$36.0M	$151.1M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008701	long leg	$7.7M	$46.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008700	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008704	+0.034%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008707	+0.069%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008707	+0.069%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008693	−0.092%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.308%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.356%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.333%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008705	+0.046%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008913	+2.437%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008703	+0.023%	$991	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008715	+0.161%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008701	−0.001%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−0.011%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008700	−0.008%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008705	+0.046%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008703	+0.023%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+0.965%	$92K	$96K	50x	as long as short