Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h +0.029%

Price spread now: Kraken Futures against Bitget−0.048%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.048%, 7d avg +0.038%

Together, before fees+0.210%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.085% cheaper against Bitget than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.038%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.009110	0.0100	pay 0.0050% / 4h	1h 56m	$8.8M	$14.3M	75x
Short	Kraken Futures PF_PENGUUSD	0.009106	0.0063	get 0.0008% / 1h	56m 35s	$333K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$7.68
Price spread: −0.048% → +0.038%: −$8.55
Slippage, 4 orders: −$37.39
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$75.62
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Kraken Futures: live order book, 5 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 Bitget live order book, 5 min ago	1.10 bp	12.4 bp −$12	30.3 bp −$303	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	3.84 bp	16.6 bp −$17	34.1 bp −$341	doesn't fit	doesn't fit

PENGU on 34 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.009086	−0.266%	$20K	$21K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009099	−0.116%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.524%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0063%	1h	0.009106	−0.048%	$333K	$2.6M	50x
Lighter PENGU	+0.0096%	1h	0.009116	+0.066%	$327K	$699K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009098	−0.126%	$653K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009110	+0.001%	$136K	$774K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009106	−0.044%	$138K	$225K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009105	−0.052%	$40.1M	$192.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009095	−0.165%	$24.7M	$46.6M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009097	−0.143%	$8.4M	$56.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	−0.110%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009103	−0.077%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009104	−0.066%	$12.3M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009108	−0.022%	$5.2M	$10.5M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009110	long leg	$8.8M	$14.3M	75x
BingX PENGU-USDT	+0.0100%	4h	0.009105	−0.055%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009096	−0.154%	$305K	$365K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009084	−0.281%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009099	−0.122%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	−0.099%	$82K	$248K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009102	−0.088%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009322	+2.327%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009100	−0.110%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009112	+0.022%	$93K	$368K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009095	−0.164%	$186K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009100	−0.110%	$210K	—	3x	as long as short
Hyperliquid PENGU	+0.0177%	1h	0.009120	+0.110%	$9.8M	$17.0M	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0190%	1h	0.009105	−0.055%	$1K	$27K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009095	−0.160%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0312%	1h	0.009108	−0.022%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009105	−0.055%	$1.6M	$5.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009102	−0.088%	$105K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.009222	+1.229%	$84K	$95K	50x	as long as short