Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h −0.018%

Price spread now: Kraken Futures against Bitget+0.222%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.222%, 7d avg +0.049%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kraken Futures is 0.173% dearer against Bitget than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008799	0.0100	pay 0.0050% / 4h	2h 03m	$8.3M	$12.5M	75x
Short	Kraken Futures PF_PENGUUSD	0.008818	0.0210	get 0.0026% / 1h	3m 08s	$361K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.222%Rate

Funding earned: $23.04
Price spread: +0.222% → +0.049%: $17.31
Slippage, 4 orders: −$43.81
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$25.46
Costs to cover: 0.658%
Break-even: 14.7 days

Slippage from Bitget: live order book, just now; 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 Bitget live order book, just now	1.13 bp	10.1 bp −$10	27.6 bp −$276	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	11.88 bp	23.8 bp −$24	60.0 bp −$600	doesn't fit	doesn't fit

PENGU on 33 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	0.008809	+0.114%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008805	+0.073%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.114%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0094%	4h	0.008800	+0.011%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008816	+0.193%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008814	+0.170%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008809	+0.114%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008805	+0.068%	$593K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008806	+0.080%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008806	+0.079%	$138K	$521K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008815	+0.182%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008802	+0.034%	$37.4M	$157.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.034%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008800	+0.011%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.125%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	+0.034%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008810	+0.125%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008799	long leg	$8.3M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008800	+0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008796	−0.034%	$301K	$292K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.159%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008794	−0.057%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.284%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.489%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.136%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008840	+0.466%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	+0.106%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008801	+0.023%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0210%	1h	0.008818	+0.222%	$361K	$2.3M	50x
Reya PENGURUSDPERP	+0.0238%	1h	0.008803	+0.042%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0327%	1h	0.008820	+0.242%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	+0.034%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.909%	$95K	$94K	50x	as long as short