PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1050%/8h= +115.0% APRnext payment +$1.31 per $10,000 · paid last 24h +0.102%

Price spread now: GMX against Kraken Futures+0.265%54s7-day average −0.046% · you sell dearer than you buy

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

Long on Kraken Futures Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.223%+$22 on $10k

Price spread, last 3 days (all we have)−0.354%−$35 · spread now +0.265%, 7d avg −0.046%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and GMX is 0.311% dearer against Kraken Futures than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 54 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 3 days it paid 0.223% in total (about 25.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.31 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	Kraken Futures PF_PENGUUSD	0.008824	−0.0339	get 0.0042% / 1h	46m 24s	$371K	$2.3M	50x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008847	L +0.0512% / S −0.0711%	get 0.0089% / 1h	46m 24s	$115K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kraken Futures. 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 Kraken FuturesbpFee GMXbpOrdersPrice spread, now +0.265%Rate

Funding earned: $220.53
Price spread: +0.265% → −0.046%: $31.07
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $229.6
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 2 min ago; GMX: no order-book sample. 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 Kraken Futures live order book, 2 min ago	2.27 bp	14.3 bp −$14	42.5 bp −$425	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Kraken Futures PF_PENGUUSDlong	−0.0339%	1h	0.008824	long leg	$371K	$2.3M	50x
Gate PENGU_USDT	−0.0236%	4h	0.008839	+0.175%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0211%	4h	0.008840	+0.186%	$23.0M	$36.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008811	−0.143%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0156%	4h	0.008825	+0.020%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008836	+0.141%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.392%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008847	+0.270%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0028%	1h	0.008826	+0.025%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0046%	1h	0.008836	+0.141%	$691K	$762K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0060%	1h	0.008814	−0.109%	$314K	$308K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	+0.107%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008846	+0.254%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008841	+0.197%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008839	+0.178%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008828	+0.050%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008845	+0.244%	$36.8M	$153.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008844	+0.231%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.073%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008842	+0.209%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008841	+0.197%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008844	+0.231%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008833	+0.107%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008815	−0.097%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008833	+0.107%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009020	+2.226%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	−0.143%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.016%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008830	+0.071%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008845	+0.243%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008841	+0.192%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008813	−0.120%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0512% / S −0.0711%	1h	0.008847	+0.265%	$115K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.299%	$94K	$104K	50x	as long as short