The Penny Strait (76°30′N 097°00′W / 76.500°N 97.000°W / 76.500; -97.000 (Penny Strait)) is a natural waterway through the central Canadian Arctic Archipelago in the territory of Nunavut. It separates Bathurst Island (to the south-west) from Devon Island (to the east). To the south and south-east, the strait opens into Queens Channel.