Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0653%/8h= +71.5% APRpaid last 24h −0.008%

Price spread now: Bitget against Kraken Futures+0.124%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$730.728% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now +0.124%, 7d avg −0.045%

Together, before fees−0.242%−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Bitget is 0.169% dearer against Kraken Futures than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.045%. Mind the row above: over the last 7 days funding on this pair cost −0.064%, 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 -0.064% in total (about -3.3% 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	0.008653	−0.0553	get 0.0069% / 1h	3m 49s	$383K	$2.1M	50x
Short	Bitget PENGUUSDT	0.008664	0.0100	get 0.0050% / 4h	2h 03m	$8.2M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.124%Rate

Funding earned: $137.09
Price spread: +0.124% → −0.045%: $16.9
Slippage, 4 orders: −$50.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $81.22
Costs to cover: 0.728%
Break-even: 2.9 days

Slippage from Kraken Futures: live order book, 5 min ago; Bitget: 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 Kraken Futures live order book, 5 min ago	10.95 bp	20.9 bp −$21	58.5 bp −$585	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.15 bp	12.4 bp −$12	26.6 bp −$266	70.7 bp −$7,071	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	−0.0553%	1h	0.008653	long leg	$383K	$2.1M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008648	−0.061%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008659	+0.066%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.714%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0096%	1h	0.008649	−0.049%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008639	−0.165%	$198	$59	5x	as long as short
Bybit PENGUUSDT	−0.0004%	4h	0.008654	+0.009%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008648	−0.066%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008650	−0.043%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008649	−0.049%	$295K	$725K	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	0.008639	−0.159%	$671K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008656	+0.032%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008656	+0.034%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008639	−0.165%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008662	+0.101%	$35.8M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	+0.078%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.153%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008661	+0.090%	$12.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008659	+0.066%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008664	+0.124%	$8.2M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008648	−0.061%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008636	−0.204%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.116%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008656	+0.032%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008648	−0.061%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008851	+2.285%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008644	−0.107%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008660	+0.078%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008660	+0.078%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008645	−0.095%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008639	−0.161%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008636	−0.199%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008648	−0.061%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.529%	$93K	$97K	50x	as long as short