PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0770%/8h= −84.4% APRnext payment −$0.96 per $10,000 · paid last 24h −0.063%

Price spread now: Kraken Futures against GMX+0.107%7-day average +0.045% · you sell dearer than you buy

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

Long on GMX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.182%−$18 on $10k

Price spread, last 3 days (all we have)−0.116%−$12 · spread now +0.107%, 7d avg +0.045%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.062% dearer against GMX than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.045%): +$6 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 3 days (−0.182% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.182% in total (about -22.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.96 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	GMX PENGU/USD [WBTC.b-USDC]	0.008867	L +0.0504% / S −0.0698%	pay 0.0063% / 1h	31m 35s	$114K	—	100x
Short	Kraken Futures PF_PENGUUSD	0.008877	−0.0266	pay 0.0033% / 1h	31m 35s	$400K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee Kraken FuturesbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$161.8
Price spread: +0.107% → +0.045%: $6.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$177.55
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kraken Futures: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 3 min ago	12.95 bp	20.6 bp −$21	36.8 bp −$368	doesn't fit	doesn't fit

GMX: 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
Deribit PENGU_USDC-PERPETUAL	−0.0426%	1h	0.008867	0.000%	$21K	$8K	10x	as long as short
Kraken Futures PF_PENGUUSDshort	−0.0266%	1h	0.008877	+0.107%	$400K	$2.1M	50x
Gate PENGU_USDT	−0.0156%	4h	0.008844	−0.259%	$3.6M	$14.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0151%	1h	0.008884	+0.192%	$3K	$51K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008852	−0.168%	$12K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008867	−0.001%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008856	−0.124%	$203	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0071%	1h	0.008859	−0.090%	$315K	$317K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0080%	4h	0.008887	+0.226%	$465K	$2.4M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008857	−0.113%	$329K	$645K	8x	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	0.008868	+0.011%	$10.6M	$13.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008860	−0.077%	$175K	$408K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008849	−0.203%	$149K	$228K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008851	−0.180%	$37.4M	$145.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008846	−0.237%	$23.5M	$33.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008855	−0.135%	$8.0M	$45.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.192%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008848	−0.214%	$13.2M	$12.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008851	−0.180%	$4.8M	$8.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008858	−0.101%	$8.2M	$11.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008842	−0.282%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008899	+0.357%	$838K	$606K	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008871	+0.045%	$81K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008854	−0.147%	$680K	$741K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008868	+0.011%	$21K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009072	+2.312%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008867	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008884	+0.192%	$98K	$233K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008852	−0.174%	$182K	$680K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008865	−0.023%	$205K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008864	−0.029%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008874	+0.079%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0504% / S −0.0698%	1h	0.008867	long leg	$114K	—	100x
Coinbase International PENGU-PERP-INTX	+0.3264%	1h	0.008903	+0.406%	$94K	$97K	50x	as long as short