Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0706%/8h= +77.3% APRpaid last 24h −0.001%

Price spread now: Aster against Kraken Futures−0.013%54s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$650.651% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now −0.013%, 7d avg −0.056%

Together, before fees−0.142%+ Points / potential airdropAster: Stage 5 · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Aster is 0.043% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.056%. Mind the row above: over the last 7 days funding on this pair cost −0.061%, so the current rate has only just turned in your favour. The two prices were read 54 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 -0.061% in total (about -3.2% 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	Kraken Futures PF_PENGUUSD	0.008800	−0.0606	get 0.0076% / 1h	19m 26s	$368K	$2.2M	50x
Short	Aster PENGUUSDT	0.008799	0.0100	get 0.0050% / 4h	1h 19m	$189K	$466K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.013%Rate

Funding earned: $148.25
Price spread: −0.013% → −0.056%: $4.26
Slippage, 4 orders: −$47.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $87.37
Costs to cover: 0.651%
Break-even: 2.9 days

Slippage from Kraken Futures: live order book, 4 min ago; Aster: live order book, 63 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 Kraken Futures live order book, 4 min ago	3.41 bp	21.9 bp −$22	51.2 bp −$512	doesn't fit	doesn't fit
Sell Aster live order book, 63 min ago	5.16 bp	12.9 bp −$13	40.0 bp −$400	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_PENGUUSDlong	−0.0606%	1h	0.008800	long leg	$368K	$2.2M	50x
Gate PENGU_USDT	−0.0292%	4h	0.008789	−0.130%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008788	−0.142%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0154%	4h	0.008785	−0.176%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008791	−0.108%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0017%	4h	0.008789	−0.126%	$803K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008795	−0.059%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.130%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0094%	1h	0.008790	−0.113%	$684K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008793	−0.085%	$308K	$736K	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	0.008799	−0.017%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008799	−0.013%	$189K	$466K	20x
Pacifica PENGU	+0.0100%	1h	0.008796	−0.051%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008793	−0.088%	$36.5M	$153.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−0.187%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.119%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008796	−0.051%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008795	−0.062%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008792	−0.096%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008793	−0.085%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008791	−0.108%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008792	−0.098%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008803	+0.029%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008789	−0.130%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009000	+2.267%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008790	−0.119%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008822	+0.245%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008785	−0.173%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008785	−0.176%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0127%	1h	0.008799	−0.014%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008794	−0.079%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008797	−0.040%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008797	−0.040%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.642%	$95K	$105K	50x	as long as short