PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0639%/8h= −70.0% APRnext payment −$0.80 per $10,000 · paid last 24h −0.094%

Price spread now: Kraken Futures against Injective+0.180%63s7-day average — · you sell dearer than you buy

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−0.143%−$14 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.180% dearer against Injective than usual: you sell high and buy low (spread +0.180% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.143% in total) that is about 8.8 days. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.143% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.80 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	0.008789	0.0033	pay 0.0004% / 1h	5m 31s	$3K	$117K	5.5x
Short	Kraken Futures PF_PENGUUSD	0.008805	−0.0606	pay 0.0076% / 1h	5m 31s	$368K	$2.2M	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 +0.180%Rate

Funding earned: −$134.18
Price spread: +0.180% → 0.000%: $17.96
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: −$126.24
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 3 min ago	3.98 bp	19.6 bp −$20	39.2 bp −$392	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	−0.0606%	1h	0.008805	+0.180%	$368K	$2.2M	50x
Gate PENGU_USDT	−0.0284%	4h	0.008789	0.000%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0191%	4h	0.008787	−0.023%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008797	+0.091%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008799	+0.114%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0063%	4h	0.008782	−0.076%	$803K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008797	+0.096%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Nado PENGU-PERP	+0.0058%	1h	0.008791	+0.028%	$684K	$759K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0086%	1h	0.008790	+0.011%	$314K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008792	+0.034%	$308K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008802	+0.148%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.090%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	0.000%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008796	+0.076%	$36.6M	$153.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008796	+0.080%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008795	+0.068%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008795	+0.068%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008799	+0.114%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008792	+0.034%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008796	+0.079%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	−0.034%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008799	+0.114%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009013	+2.549%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008794	+0.057%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008809	+0.228%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008790	+0.014%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	+0.068%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008797	+0.090%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008796	+0.085%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008789	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008799	+0.114%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.217%	$95K	$105K	50x	as long as short