Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0486%/8h= −53.2% APRpaid last 24h −0.013%

Price spread now: Kraken Futures against HTX+0.049%7-day average −0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$2172.167% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.049%, 7d avg −0.185%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.234% dearer against HTX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of −0.185%): +$23 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 7 days (−0.161% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.161% in total (about -8.4% 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	HTX PENGU-USDT	0.008956	0.0100	pay 0.0050% / 4h	3h 14m	$92K	$300K	25x
Short	Kraken Futures PF_PENGUUSD	0.008960	−0.0386	pay 0.0048% / 1h	14m 27s	$373K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$102.04
Price spread: +0.049% → −0.185%: $23.39
Slippage, 4 orders: −$194.75
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$295.39
Costs to cover: 2.167%
Break-even: never at this rate

Slippage from HTX: live order book, 57 min ago; Kraken Futures: live order book, 4 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 HTX live order book, 57 min ago	9.74 bp	15.7 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	12.96 bp	20.0 bp −$20	50.6 bp −$506	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_PENGUUSDshort	−0.0386%	1h	0.008960	+0.049%	$373K	$2.3M	50x
Gate PENGU_USDT	−0.0320%	4h	0.008953	−0.033%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0200%	1h	0.008951	−0.056%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0157%	4h	0.008900	−0.624%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008954	−0.022%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008954	−0.028%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.865%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0091%	1h	0.008941	−0.170%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008946	−0.112%	$311K	$730K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008954	−0.022%	$24K	$175K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008954	−0.022%	$8.4M	$15.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008949	−0.080%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008943	−0.145%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008954	−0.022%	$37.6M	$155.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008948	−0.089%	$23.5M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008949	−0.078%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008950	−0.067%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008950	−0.067%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008951	−0.056%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008954	−0.022%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008951	−0.056%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008949	−0.078%	$308K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008880	−0.853%	$475K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008869	−0.971%	$81K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008943	−0.140%	$708K	$765K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009161	+2.289%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008948	−0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008956	long leg	$92K	$300K	25x
Extended PENGU-USD	+0.0104%	1h	0.008942	−0.156%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008944	−0.134%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008949	−0.080%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008946	−0.112%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008956	0.000%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.581%	$96K	$104K	50x	as long as short