PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0441%/8h= −48.3% APRnext payment −$0.55 per $10,000 · paid last 24h −0.088%

Price spread now: Kraken Futures against Injective−0.428%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.428% cheaper against Injective than usual: you would sell low and buy high (−$43 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.138% in total (about -7.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 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	Injective PENGU/USDC PERP	0.008715	−0.0110	get 0.0014% / 1h	31m 20s	$3K	$81K	5.5x
Short	Kraken Futures PF_PENGUUSD	0.008678	−0.0551	pay 0.0069% / 1h	31m 20s	$385K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Injective. 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 InjectivebpFee Kraken FuturesbpOrdersPrice spread, now −0.428%Rate

Funding earned: −$92.59
Price spread: −0.428% → 0.000%: −$42.79
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$145.4
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Kraken Futures: live order book, 2 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	9.23 bp	27.7 bp −$28	60.8 bp −$608	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0551%	1h	0.008678	−0.428%	$385K	$2.1M	50x
Gate PENGU_USDT	−0.0354%	4h	0.008668	−0.539%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0156%	4h	0.008662	−0.608%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERPlong	−0.0110%	1h	0.008715	long leg	$3K	$81K	5.5x
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	−0.470%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0072%	1h	0.008661	−0.620%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−0.558%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	−0.473%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008667	−0.551%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008666	−0.562%	$295K	$720K	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	0.008672	−0.496%	$673K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008679	−0.413%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	−0.527%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	−0.574%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008672	−0.498%	$35.8M	$151.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008669	−0.528%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.516%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008674	−0.470%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008667	−0.551%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008675	−0.459%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008668	−0.539%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.778%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	−0.495%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008664	−0.585%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008675	−0.459%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008877	+1.859%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.505%	$985	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008685	−0.344%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008668	−0.534%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	−0.516%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008670	−0.513%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	−0.585%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008673	−0.482%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+0.803%	$92K	$96K	50x	as long as short