Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0652%/8h= −71.4% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against BingX+0.147%7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on BingX Short on Kraken Futures

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)+0.028%+$3 · spread now +0.147%, 7d avg +0.137%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.137%, so right now this pair is about funding alone: −$20 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.064%, so the current rate has only just turned against you.

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	BingX PENGU-USDC	0.008653	0.0100	pay 0.0050% / 4h	2h 03m	—	$2.3M	—
Short	Kraken Futures PF_PENGUUSD	0.008666	−0.0552	pay 0.0069% / 1h	3m 17s	$384K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$136.92
Price spread: +0.147% → +0.137%: $1
Slippage, 4 orders: −$53.44
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$209.36
Costs to cover: 0.734%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Kraken Futures: 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 BingX live order book, 14 min ago	1.73 bp	17.6 bp −$18	55.7 bp −$557	417.3 bp −$41.7K	1034.6 bp −$517.3K
Sell Kraken Futures live order book, 5 min ago	10.95 bp	24.3 bp −$24	45.1 bp −$451	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
Kraken Futures PF_PENGUUSDshort	−0.0552%	1h	0.008666	+0.147%	$384K	$2.1M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008665	+0.139%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008658	+0.058%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.717%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0096%	1h	0.008665	+0.139%	$309K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0024%	1h	0.008665	+0.139%	$198	$59	5x	as long as short
Bybit PENGUUSDT	+0.0007%	4h	0.008660	+0.081%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	+0.133%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008661	+0.089%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008665	+0.139%	$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	0.008660	+0.081%	$673K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008663	+0.116%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008660	+0.081%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008660	+0.081%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008667	+0.162%	$35.8M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008663	+0.116%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.081%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008668	+0.173%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	+0.116%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008669	+0.185%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008653	long leg	—	$2.3M	—
Variational Omni PENGU	+0.0100%	4h	0.008636	−0.201%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008640	−0.154%	$452K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008642	−0.127%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008664	+0.127%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008870	+2.508%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008662	+0.104%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008681	+0.324%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008658	+0.063%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	+0.081%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008658	+0.061%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	+0.081%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008665	+0.139%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.532%	$93K	$97K	50x	as long as short