Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0705%/8h= +77.2% APRpaid last 24h −0.001%

Price spread now: Aster against Kraken Futures+0.005%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$590.586% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.005%, 7d avg −0.056%

Together, before fees−0.161%+ Points / potential airdropAster: Stage 5 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Aster is 0.061% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.056%. Mind the row above: over the last 7 days funding on this pair cost −0.061%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% 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	Kraken Futures PF_PENGUUSD	0.008813	−0.0605	get 0.0076% / 1h	14m 46s	$369K	$2.2M	50x
Short	Aster PENGUUSDT	0.008813	0.0100	get 0.0050% / 4h	1h 14m	$190K	$466K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now +0.005%Rate

Funding earned: $148.06
Price spread: +0.005% → −0.056%: $6.08
Slippage, 4 orders: −$40.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $95.57
Costs to cover: 0.586%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 4 min ago; Aster: 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 Kraken Futures live order book, 4 min ago	3.41 bp	13.8 bp −$14	41.4 bp −$414	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	5.12 bp	11.6 bp −$12	57.5 bp −$575	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_PENGUUSDlong	−0.0605%	1h	0.008813	long leg	$369K	$2.2M	50x
Gate PENGU_USDT	−0.0292%	4h	0.008806	−0.079%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008797	−0.182%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0169%	4h	0.008800	−0.147%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008787	−0.295%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0046%	4h	0.008785	−0.313%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008800	−0.145%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.272%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0079%	1h	0.008789	−0.272%	$684K	$760K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008809	−0.045%	$309K	$736K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008813	0.000%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008813	+0.005%	$190K	$466K	20x
Pacifica PENGU	+0.0100%	1h	0.008809	−0.045%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008807	−0.066%	$36.6M	$153.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008808	−0.057%	$7.7M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.261%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008807	−0.068%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008809	−0.045%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008813	0.000%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008806	−0.079%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	−0.091%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.329%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.284%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008797	−0.182%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009004	+2.167%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	−0.125%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008814	+0.011%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008804	−0.100%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008793	−0.227%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0122%	1h	0.008807	−0.072%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	−0.233%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008805	−0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008801	−0.136%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.498%	$95K	$105K	50x	as long as short