Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.005%

Price spread now: Bitget against Kraken Futures+0.537%48s7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$710.709% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.652%−$65 · spread now +0.537%, 7d avg −0.041%

Together, before fees−0.738%−$74 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.578% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.537% now, against its 7-day average of −0.041%): +$58 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8.7 days. At the pace of the last 7 days (−0.086% in total) that is about 47 days. The two prices were read 48 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 -0.086% in total (about -4.5% 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	0.008771	0.0322	pay 0.0040% / 1h	35m 31s	$321K	$2.4M	50x
Short	Bitget PENGUUSDT	0.008818	0.0100	get 0.0050% / 4h	2h 35m	$8.4M	$13.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpOrdersPrice spread, now +0.537%Rate

Funding earned: −$46.61
Price spread: +0.537% → −0.041%: $57.84
Slippage, 4 orders: −$48.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$59.68
Costs to cover: 0.709%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bitget: live order book, 3 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, 3 min ago	7.99 bp	19.8 bp −$20	51.8 bp −$518	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.71 bp	14.0 bp −$14	31.5 bp −$315	90.6 bp −$9,056	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	0.008770	−0.010%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	+0.457%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.207%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	+0.378%	$319K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.583%	$8.1M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008815	+0.498%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008809	+0.435%	$134K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008816	+0.514%	$37.2M	$176.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008812	+0.469%	$23.4M	$41.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008814	+0.492%	$7.6M	$50.7M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.446%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008809	+0.435%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008817	+0.526%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008814	+0.492%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008818	+0.537%	$8.4M	$13.3M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008805	+0.389%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008775	+0.047%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	−0.122%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.094%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.070%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008815	+0.503%	$591K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008771	+0.001%	$23K	$158K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+2.339%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008763	−0.090%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008793	+0.252%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008809	+0.431%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	−0.124%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0175%	1h	0.008811	+0.459%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008811	+0.458%	$202	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008816	+0.518%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0322%	1h	0.008771	long leg	$321K	$2.4M	50x
BloFin PENGU-USDT	+0.0340%	4h	0.008771	+0.001%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0422%	1h	0.008812	+0.469%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008788	+0.195%	$77K	$76K	50x	as long as short