Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0550%/8h= +60.3% APRpaid last 24h −0.014%

Price spread now: Kraken Futures against OKX+0.220%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

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

costs, in and out, $10k−$620.618% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.220%, 7d avg +0.099%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Kraken Futures is 0.122% dearer against OKX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.099%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.118% in total (about 6.1% 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	OKX PENGU-USDT-SWAP	0.008726	0.0100	pay 0.0050% / 4h	1h 28m	$7.5M	$46.2M	50x
Short	Kraken Futures PF_PENGUUSD	0.008745	0.0650	get 0.0081% / 1h	28m 41s	$352K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.220%Rate

Funding earned: $115.59
Price spread: +0.220% → +0.099%: $12.18
Slippage, 4 orders: −$41.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $65.96
Costs to cover: 0.618%
Break-even: 3.0 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 5 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 OKX live order book, 5 min ago	0.57 bp	10.0 bp −$10	21.1 bp −$211	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.14 bp	13.4 bp −$13	47.3 bp −$473	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	−0.0093%	1h	0.008741	+0.172%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0056%	1h	0.008747	+0.241%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0020%	4h	0.008726	0.000%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008751	+0.284%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.722%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008732	+0.069%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008745	+0.218%	$22K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008753	+0.309%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008727	+0.011%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008729	+0.029%	$121K	$578K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008732	+0.069%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008729	+0.034%	$36.5M	$160.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008722	−0.046%	$23.1M	$38.8M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008726	long leg	$7.5M	$46.2M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008730	+0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008727	+0.011%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008729	+0.034%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008730	+0.046%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008731	+0.057%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008732	+0.069%	$299K	$274K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008753	+0.306%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008764	+0.441%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008767	+0.470%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008956	+2.636%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008736	+0.115%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008758	+0.367%	$91K	$351K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008724	−0.022%	$180K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008729	+0.034%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0203%	1h	0.008728	+0.027%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008750	+0.270%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008735	+0.103%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008751	+0.287%	$131K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0650%	1h	0.008745	+0.220%	$352K	$2.3M	50x
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.762%	$95K	$94K	50x	as long as short