Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0506%/8h= −55.4% APRpaid last 24h +0.002%

Price spread now: HTX against Kraken Futures−0.035%7-day average +0.185% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$1701.696% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.035%, 7d avg +0.185%

Together, before fees+0.261%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and HTX is 0.220% cheaper against Kraken Futures than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.185%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.134%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% 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	Kraken Futures PF_PENGUUSD	0.009036	0.0606	pay 0.0076% / 1h	44m 05s	$354K	$2.4M	50x
Short	HTX PENGU-USDT	0.009033	0.0100	get 0.0050% / 4h	3h 44m	$93K	$378K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Kraken Futures. 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 Kraken FuturesbpFee HTXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$106.18
Price spread: −0.035% → +0.185%: −$22.01
Slippage, 4 orders: −$147.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$297.77
Costs to cover: 1.696%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; HTX: live order book, 9 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 Kraken Futures live order book, 5 min ago	16.61 bp	27.8 bp −$28	68.3 bp −$683	doesn't fit	doesn't fit
Sell HTX live order book, 9 min ago	8.81 bp	98.5 bp −$98	doesn't fit	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009026	−0.113%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009026	−0.116%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008995	−0.456%	$12K	$5K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.736%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.009014	−0.246%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009032	−0.047%	$334K	$746K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009016	−0.224%	$605K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009049	+0.142%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009026	−0.118%	$126K	$602K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009000	−0.401%	$139K	$270K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009043	+0.073%	$38.8M	$170.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009032	−0.047%	$24.1M	$40.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009033	−0.035%	$7.9M	$50.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009010	−0.290%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009040	+0.042%	$3.4M	$16.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009036	−0.002%	$11.3M	$12.5M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009031	−0.058%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009052	+0.175%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009042	+0.064%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009041	+0.053%	$302K	$328K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008992	−0.490%	$938K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009005	−0.351%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008986	−0.556%	$91K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009022	−0.157%	$24K	$77K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009237	+2.222%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009026	−0.113%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009033	−0.035%	$93K	$378K	25x
Extended PENGU-USD	+0.0104%	1h	0.009015	−0.240%	$187K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009016	−0.224%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009012	−0.266%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009005	−0.345%	$1.6M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0415%	1h	0.009028	−0.091%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0606%	1h	0.009036	long leg	$354K	$2.4M	50x
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009056	+0.219%	$97K	$62K	50x	as long as short