Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0733%/8h= +80.2% APRpaid last 24h +0.085%

Price spread now: BloFin against Kraken Futures+0.153%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$770.772% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 3 days (all we have)−0.249%−$25 · spread now +0.153%, 7d avg −0.075%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and BloFin is 0.228% dearer against Kraken Futures than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.075%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.416% in total (about 21.7% 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	Kraken Futures PF_PENGUUSD	0.008803	−0.0393	get 0.0049% / 1h	1m 09s	$366K	$2.3M	50x
Short	BloFin PENGU-USDT	0.008816	0.0340	get 0.0170% / 4h	3h 01m	$1.5M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.153%Rate

Funding earned: $153.89
Price spread: +0.153% → −0.075%: $22.75
Slippage, 4 orders: −$55.25
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $99.39
Costs to cover: 0.772%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 2 min ago; BloFin: live order book, 2 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, 2 min ago	4.51 bp	21.0 bp −$21	65.1 bp −$651	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	9.61 bp	15.6 bp −$16	19.5 bp −$195	45.0 bp −$4,496	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	−0.0393%	1h	0.008803	long leg	$366K	$2.3M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008794	−0.097%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008809	+0.073%	$202	$59	5x	as long as short
Gate PENGU_USDT	−0.0122%	4h	0.008789	−0.154%	$3.4M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0119%	4h	0.008792	−0.120%	$873K	$1.0M	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008803	+0.005%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.154%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008801	−0.018%	$305K	$733K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0098%	4h	0.008795	−0.086%	$19K	$177K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.001%	$631K	$826K	5x	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	0.008794	−0.097%	$8.3M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008799	−0.039%	$188K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008814	+0.130%	$152K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008796	−0.080%	$37.2M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008785	−0.200%	$23.0M	$37.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008789	−0.154%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.085%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	−0.063%	$12.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008794	−0.097%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008795	−0.086%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008794	−0.097%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008788	−0.165%	$301K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008923	+1.366%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008859	+0.641%	$81K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009008	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008794	−0.097%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008820	+0.198%	$90K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008793	−0.112%	$182K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.143%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0115%	1h	0.008820	+0.195%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	−0.015%	$297	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008816	+0.153%	$1.5M	$3.2M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0518% / S −0.0723%	1h	0.008804	+0.016%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+1.868%	$95K	$104K	50x	as long as short