Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h −0.005%

Price spread now: Kraken Futures against HTX−0.090%7-day average −0.183% · you buy dearer than you sell

Net, funding: paid 7d − costs−$190as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1761.761% 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−0.143%−$14 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now −0.090%, 7d avg −0.183%

Together, before fees−0.209%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.093% dearer against HTX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.183%. Mind the row above: over the last 7 days funding on this pair cost −0.143%, so the current rate has only just turned in your favour.

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. 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	0.008813	0.0100	pay 0.0050% / 4h	19m 52s	$92K	$372K	25x
Short	Kraken Futures PF_PENGUUSD	0.008805	0.0364	get 0.0045% / 1h	19m 52s	$344K	$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 −0.090%Rate

Funding earned: $55.4
Price spread: −0.090% → −0.183%: $9.32
Slippage, 4 orders: −$154.06
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$111.34
Costs to cover: 1.761%
Break-even: 21.1 days

Slippage from HTX: live order book, 38 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, 38 min ago	15.46 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	2.27 bp	15.8 bp −$16	30.8 bp −$308	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	0.008798	−0.170%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008798	−0.173%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.272%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0080%	4h	0.008801	−0.136%	$3.3M	$15.7M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008802	−0.125%	$313K	$719K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008796	−0.193%	$23K	$116K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008794	−0.210%	$590K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008801	−0.136%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	−0.175%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008802	−0.125%	$155K	$241K	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	0.008803	−0.113%	$36.8M	$163.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008797	−0.182%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008798	−0.170%	$7.4M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.148%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	−0.125%	$10.8M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008798	−0.170%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008800	−0.148%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008801	−0.136%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008794	−0.216%	$292K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008803	−0.115%	$914K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008819	+0.066%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008843	+0.340%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009013	+2.269%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008798	−0.170%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008813	long leg	$92K	$372K	25x
Extended PENGU-USD	+0.0104%	1h	0.008802	−0.120%	$185K	$941K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008800	−0.148%	$201	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008789	−0.272%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008792	−0.240%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008815	+0.023%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0364%	1h	0.008805	−0.090%	$344K	$2.3M	50x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0492%	1h	0.008799	−0.159%	$119K	—	100x	as long as short
dYdX PENGU-USD	+0.0498%	1h	0.008804	−0.099%	$12K	$5K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.555%	$96K	$62K	50x	as long as short