Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0268%/8h= +29.3% APRpaid last 24h −0.024%

Price spread now: Gate against Kraken Futures−0.098%7-day average −0.098% · 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−$76as in the Price arb table

costs, in and out, $10k−$760.761% of the position

Long on Kraken Futures Short on Gate

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)+0.032%+$3 · spread now −0.098%, 7d avg −0.098%

Together, before fees−0.143%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.175%, so the current rate has only just turned in your favour.

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	Kraken Futures PF_PENGUUSD	0.008666	−0.0552	get 0.0069% / 1h	7m 51s	$383K	$2.1M	50x
Short	Gate PENGU_USDT	0.008658	−0.0284	pay 0.0142% / 4h	2h 07m	$3.4M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.098%Rate

Funding earned: $56.27
Price spread: −0.098% → −0.098%: $0.02
Slippage, 4 orders: −$51.11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$19.82
Costs to cover: 0.761%
Break-even: 9.5 days

Slippage from Kraken Futures: live order book, 1 min ago; Gate: live order book, 1 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, 1 min ago	10.95 bp	20.9 bp −$21	58.5 bp −$585	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.89 bp	13.9 bp −$14	46.8 bp −$468	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	−0.0552%	1h	0.008666	long leg	$383K	$2.1M	50x
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008663	−0.040%	$19K	$9K	10x	as long as short
Gate PENGU_USDTshort	−0.0284%	4h	0.008658	−0.098%	$3.4M	$15.4M	75x
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.560%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0058%	1h	0.008657	−0.109%	$309K	$314K	10x	as long as short
Bybit PENGUUSDT	−0.0015%	4h	0.008656	−0.121%	$22.5M	$36.0M	75x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008661	−0.063%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	−0.023%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0015%	1h	0.008674	+0.085%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008658	−0.098%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008661	−0.063%	$673K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008664	−0.029%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008666	−0.011%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008664	−0.029%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008663	−0.040%	$35.8M	$151.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	−0.075%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.075%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008661	−0.063%	$12.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008665	−0.017%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	+0.006%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008659	−0.086%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.227%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008679	+0.145%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.121%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008663	−0.040%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	+2.360%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008656	−0.121%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008682	+0.179%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008660	−0.077%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008658	−0.098%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008658	−0.094%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008676	+0.110%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008664	−0.029%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.375%	$93K	$97K	50x	as long as short