PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0225%/8h= −24.6% APRnext payment −$0.28 per $10,000 · paid last 24h −0.006%

Price spread now: Lighter against Kraken Futures+0.251%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$800.796% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.340%−$34 · spread now +0.251%, 7d avg −0.041%

Together, before fees−0.438%+ Points / potential airdropLighter: Season 3 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.292% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.251% now, against its 7-day average of −0.041%): +$29 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 7 days (−0.098% in total) that is about 21 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 per $10,000. 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	0.008807	0.0321	pay 0.0040% / 1h	48m 42s	$323K	$2.4M	50x
Short	Lighter PENGU	0.008829	0.0096	get 0.0012% / 1h	48m 42s	$320K	$749K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.251%Rate

Funding earned: −$47.18
Price spread: +0.251% → −0.041%: $29.21
Slippage, 4 orders: −$69.63
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$97.6
Costs to cover: 0.796%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Lighter: live order book, 61 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, 5 min ago	3.97 bp	20.9 bp −$21	57.8 bp −$578	doesn't fit	doesn't fit
Sell Lighter live order book, 61 min ago	5.54 bp	18.8 bp −$19	79.6 bp −$796	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008809	+0.024%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008805	−0.023%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.203%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0078%	4h	0.008824	+0.195%	$3.3M	$16.4M	75x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008829	+0.251%	$320K	$749K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.055%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008823	+0.183%	$8.1M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008829	+0.253%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008826	+0.217%	$134K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008833	+0.297%	$37.3M	$175.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008821	+0.161%	$23.5M	$41.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008827	+0.229%	$7.6M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.263%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008835	+0.320%	$10.5M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008813	+0.070%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008836	+0.331%	$8.5M	$13.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008824	+0.195%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008802	−0.055%	$292K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008817	+0.115%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008823	+0.183%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008821	+0.161%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008807	+0.002%	$23K	$142K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009017	+2.386%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	−0.055%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008819	+0.138%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008827	+0.230%	$182K	$865K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008800	−0.078%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0169%	1h	0.008825	+0.209%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008832	+0.285%	$202	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008802	−0.053%	$297	—	10x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0321%	1h	0.008807	long leg	$323K	$2.4M	50x
BloFin PENGU-USDT	+0.0340%	4h	0.008813	+0.070%	$1.5M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0540% / S −0.0526%	1h	0.008806	−0.010%	$133K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008847	+0.456%	$93K	$58K	50x	as long as short