Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.067%

Price spread now: Kraken Futures against BloFin−0.204%57s7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.555% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.388%−$39 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.204%, 7d avg +0.090%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.294% cheaper against BloFin than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.090%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008821	0.0340	pay 0.0170% / 4h	2h 49m	$1.5M	$4.1M	75x
Short	Kraken Futures PF_PENGUUSD	0.008803	0.0321	get 0.0040% / 1h	49m 42s	$322K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$4.03
Price spread: −0.204% → +0.090%: −$29.37
Slippage, 4 orders: −$33.52
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$88.92
Costs to cover: 0.555%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Kraken Futures: live order book, 4 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 BloFin live order book, 4 min ago	1.13 bp	7.1 bp −$7	13.9 bp −$139	39.7 bp −$3,966	doesn't fit
Sell Kraken Futures live order book, 4 min ago	3.97 bp	19.7 bp −$20	43.8 bp −$438	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008807	−0.159%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008808	−0.149%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.363%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0054%	4h	0.008796	−0.283%	$3.3M	$16.4M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008808	−0.147%	$319K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008813	−0.085%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008807	−0.159%	$8.1M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008805	−0.177%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008803	−0.204%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008804	−0.191%	$37.2M	$175.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.283%	$23.4M	$41.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008802	−0.215%	$7.6M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.238%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	−0.227%	$10.5M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008802	−0.215%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	−0.215%	$8.5M	$13.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008804	−0.193%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008794	−0.306%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008817	−0.046%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008817	−0.046%	$465K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008811	−0.113%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008806	−0.170%	$23K	$139K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.233%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008796	−0.283%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+0.136%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	−0.265%	$182K	$865K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−0.295%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008827	+0.068%	$202	$64	5x	as long as short
dYdX PENGU-USD	+0.0185%	1h	0.008804	−0.193%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008812	−0.105%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0321%	1h	0.008803	−0.204%	$322K	$2.4M	50x
BloFin PENGU-USDTlong	+0.0340%	4h	0.008821	long leg	$1.5M	$4.1M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0541% / S −0.0526%	1h	0.008806	−0.170%	$133K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008847	+0.295%	$93K	$58K	50x	as long as short