Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0574%/8h= −62.9% APRpaid last 24h −0.007%

Price spread now: SunX against Kraken Futures+2.368%7-day average +2.605% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)−0.055%−$6 · spread now +2.368%, 7d avg +2.605%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and SunX is 0.237% cheaper against Kraken Futures than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +2.605%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.6% 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	0.009048	0.0674	pay 0.0084% / 1h	17m 09s	$337K	$2.5M	50x
Short	SunX PENGU-USDT	0.009262	0.0100	get 0.0050% / 4h	1h 17m	$3K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.368%Rate

Funding earned: −$120.62
Price spread: +2.368% → +2.605%: −$23.71
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$162.33
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 1 min ago; SunX: live order book, 9 min ago. Net counts fees only.

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, 1 min ago	5.52 bp	23.8 bp −$24	60.9 bp −$609	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	246.59 bp	doesn't fit	doesn't fit	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	0.009037	−0.117%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.860%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009046	−0.020%	$325K	$768K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009041	−0.075%	$638K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009051	+0.034%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009043	−0.053%	$136K	$258K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009048	−0.001%	$39.5M	$189.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009042	−0.064%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009053	+0.058%	$7.9M	$54.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009050	+0.024%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009055	+0.080%	$3.4M	$17.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009046	−0.020%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009041	−0.075%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009065	+0.190%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009054	+0.069%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009056	+0.091%	$309K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009080	+0.355%	$926K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009071	+0.255%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009097	+0.544%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009038	−0.108%	$23K	$236K	20x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009262	+2.368%	$3K	$2.2M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.009041	−0.075%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009047	−0.009%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009038	−0.105%	$186K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009037	−0.119%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0193%	1h	0.009042	−0.064%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009039	−0.100%	$305	—	10x	as long as short
Hyperliquid PENGU	+0.0246%	1h	0.009073	+0.279%	$9.2M	$16.3M	5x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009052	+0.047%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009045	−0.031%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009037	−0.119%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0608%	1h	0.009043	−0.055%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0674%	1h	0.009048	long leg	$337K	$2.5M	50x
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.964%	$80K	$70K	50x	as long as short