Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0257%/8h= −28.1% APRpaid last 24h +0.024%

Price spread now: Kraken Futures against Gate+0.190%51s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as 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−$760.761% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$17 on $10k

Price spread, last 3 days (all we have)−0.124%−$12 · spread now +0.190%, 7d avg +0.098%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.092% dearer against Gate than usual: you sell high and buy low (spread +0.190% now, against its 7-day average of +0.098%): +$9 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 7 days funding on this pair paid +0.175%, so the current rate has only just turned against you. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.175% in total (about 9.1% 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	Gate PENGU_USDT	0.008638	−0.0296	get 0.0148% / 4h	2h 06m	$3.4M	$15.4M	75x
Short	Kraken Futures PF_PENGUUSD	0.008654	−0.0553	pay 0.0069% / 1h	6m 24s	$383K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.190%Rate

Funding earned: −$53.92
Price spread: +0.190% → +0.098%: $9.21
Slippage, 4 orders: −$51.11
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$120.82
Costs to cover: 0.761%
Break-even: never at this rate

Slippage from Gate: 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 Gate live order book, 2 min ago	2.89 bp	17.0 bp −$17	40.2 bp −$402	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 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	−0.0553%	1h	0.008654	+0.190%	$383K	$2.1M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0443%	1h	0.008650	+0.139%	$19K	$9K	10x	as long as short
Gate PENGU_USDTlong	−0.0296%	4h	0.008638	long leg	$3.4M	$15.4M	75x
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.891%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0067%	1h	0.008648	+0.116%	$308K	$314K	10x	as long as short
Bybit PENGUUSDT	−0.0009%	4h	0.008636	−0.023%	$22.5M	$36.0M	75x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008641	+0.035%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008647	+0.104%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008658	+0.227%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008645	+0.081%	$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
Hyperliquid PENGU	+0.0100%	1h	0.008646	+0.093%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008651	+0.146%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008644	+0.069%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008642	+0.046%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008642	+0.046%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008645	+0.081%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008644	+0.069%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008646	+0.093%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008636	−0.023%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	+0.102%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.292%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.394%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008642	+0.046%	$671K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	+0.081%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008866	+2.639%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008645	+0.081%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008685	+0.544%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008640	+0.028%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008647	+0.104%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008641	+0.038%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.116%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008647	+0.104%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.706%	$93K	$97K	50x	as long as short