Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0432%/8h= −47.3% APRpaid last 24h −0.017%

Price spread now: KuCoin against Kraken Futures−0.104%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$930.932% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.104%, 7d avg −0.061%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and KuCoin is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.097% in total (about -5.1% 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	0.009176	0.0532	pay 0.0067% / 1h	10m 12s	$356K	$2.6M	50x
Short	KuCoin PENGUUSDTM	0.009166	0.0100	get 0.0050% / 4h	10m 12s	$5.1M	$10.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$90.76
Price spread: −0.104% → −0.061%: −$4.25
Slippage, 4 orders: −$71.19
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$188.2
Costs to cover: 0.932%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; KuCoin: live order book, 8 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, 3 min ago	4.89 bp	22.0 bp −$22	36.4 bp −$364	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	1.10 bp	14.3 bp −$14	41.7 bp −$417	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009164	−0.130%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.213%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009173	−0.028%	$331K	$774K	8x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009172	−0.039%	$145K	$730K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009161	−0.158%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009172	−0.043%	$40.4M	$194.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009161	−0.158%	$24.7M	$46.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009156	−0.213%	$8.3M	$57.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009170	−0.060%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009151	−0.267%	$3.7M	$18.2M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENGU_USDT	+0.0100%	4h	0.009170	−0.060%	$11.5M	$13.2M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009166	−0.104%	$5.1M	$10.5M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009163	−0.137%	$9.0M	$14.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009148	−0.300%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009158	−0.191%	$317K	$385K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009134	−0.449%	$938K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009209	+0.363%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009212	+0.397%	$81K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009163	−0.131%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009166	−0.104%	$24K	$300K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009394	+2.381%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009170	−0.060%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009176	+0.005%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009169	−0.076%	$188K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009165	−0.115%	$212K	—	3x	as long as short
Hyperliquid PENGU	+0.0235%	1h	0.009173	−0.028%	$9.4M	$16.7M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009167	−0.093%	$310	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0295%	1h	0.009173	−0.028%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009173	−0.028%	$210	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009149	−0.289%	$1.6M	$5.1M	75x	as long as short
dYdX PENGU-USD	+0.0409%	1h	0.009162	−0.144%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0351%	1h	0.009163	−0.137%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0532%	1h	0.009176	long leg	$356K	$2.6M	50x
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009233	+0.626%	$81K	$74K	50x	as long as short