Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0278%/8h= +30.4% APRpaid last 24h +0.044%

Price spread now: Kraken Futures against Bybit+0.178%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$710.708% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)−0.035%−$3 · spread now +0.178%, 7d avg +0.130%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.049% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.130%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.009116	0.0100	pay 0.0050% / 4h	3h 22m	$24.6M	$47.3M	75x
Short	Kraken Futures PF_PENGUUSD	0.009132	0.0378	get 0.0047% / 1h	22m 09s	$339K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.178%Rate

Funding earned: $58.37
Price spread: +0.178% → +0.130%: $4.89
Slippage, 4 orders: −$49.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.5
Costs to cover: 0.708%
Break-even: 7.9 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Bybit live order book, 2 min ago	0.55 bp	12.5 bp −$12	28.4 bp −$284	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	10.94 bp	20.0 bp −$20	59.4 bp −$594	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
Gate PENGU_USDT	−0.0266%	4h	0.009113	−0.033%	$3.7M	$18.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009130	+0.158%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.587%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009133	+0.186%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009126	+0.110%	$327K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009134	+0.195%	$648K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009131	+0.165%	$9.3M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009121	+0.057%	$131K	$770K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009139	+0.252%	$139K	$275K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009123	+0.075%	$40.5M	$197.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDTlong	+0.0100%	4h	0.009116	long leg	$24.6M	$47.3M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009122	+0.066%	$8.2M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009140	+0.263%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009122	+0.066%	$11.7M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009130	+0.154%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009130	+0.154%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009118	+0.022%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009123	+0.077%	$300K	$390K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009015	−1.111%	$923K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009062	−0.593%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.691%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009128	+0.132%	$23K	$335K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009350	+2.567%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009130	+0.154%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009153	+0.406%	$96K	$418K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009128	+0.137%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009125	+0.099%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009130	+0.157%	$308	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009139	+0.252%	$1.7M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009138	+0.241%	$259	$91	5x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0378%	1h	0.009132	+0.178%	$339K	$2.7M	50x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009141	+0.274%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1776%	1h	0.009132	+0.178%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.042%	$81K	$73K	50x	as long as short