Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0507%/8h= +55.5% APRpaid last 24h −0.001%

Price spread now: Kraken Futures against Orderly+0.091%7-day average +0.102% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.091%, 7d avg +0.102%

Together, before fees+0.082%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.102%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.101% in total (about 5.3% 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	Orderly PERP_PENGU_USDC	0.009003	0.0100	pay 0.0050% / 4h	3h 46m	$24K	$81K	20x
Short	Kraken Futures PF_PENGUUSD	0.009011	0.0607	get 0.0076% / 1h	46m 17s	$353K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.091%Rate

Funding earned: $106.53
Price spread: +0.091% → +0.102%: −$1.06
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $89.47
Costs to cover: 0.160%
Break-even: 1.1 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 2 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	16.61 bp	27.8 bp −$28	56.0 bp −$560	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009005	+0.022%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009002	−0.013%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0025%	1h	0.008990	−0.145%	$12K	$5K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.377%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008993	−0.111%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009007	+0.044%	$334K	$745K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008998	−0.056%	$604K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009007	+0.044%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009005	+0.019%	$129K	$602K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008990	−0.144%	$139K	$270K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009000	−0.028%	$38.6M	$169.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008993	−0.111%	$23.9M	$40.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008996	−0.078%	$7.9M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008990	−0.144%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008998	−0.056%	$3.4M	$16.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008999	−0.044%	$11.2M	$12.5M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009000	−0.033%	$4.9M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009007	+0.044%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008988	−0.167%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008973	−0.333%	$300K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009060	+0.632%	$945K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009005	+0.017%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009016	+0.144%	$92K	$247K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009003	long leg	$24K	$81K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009217	+2.377%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009002	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009015	+0.133%	$93K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008999	−0.045%	$186K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008999	−0.044%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008999	−0.042%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008964	−0.433%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0415%	1h	0.009000	−0.033%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0607%	1h	0.009011	+0.091%	$353K	$2.4M	50x
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009060	+0.633%	$96K	$61K	50x	as long as short