Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.024%

Price spread now: HTX against Kraken Futures+0.050%7-day average +0.181% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1071.073% 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+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now +0.050%, 7d avg +0.181%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and HTX is 0.131% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.181%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.100%, 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 0.100% in total (about 5.2% 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	0.009154	0.0377	pay 0.0047% / 1h	21m 05s	$339K	$2.7M	50x
Short	HTX PENGU-USDT	0.009159	0.0100	get 0.0050% / 4h	3h 21m	$95K	$417K	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 +0.050%Rate

Funding earned: −$58.18
Price spread: +0.050% → +0.181%: −$13.11
Slippage, 4 orders: −$85.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$178.63
Costs to cover: 1.073%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; HTX: live order book, 12 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, 3 min ago	10.94 bp	24.4 bp −$24	48.2 bp −$482	doesn't fit	doesn't fit
Sell HTX live order book, 12 min ago	10.45 bp	44.1 bp −$44	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
Gate PENGU_USDT	−0.0226%	4h	0.009140	−0.158%	$3.7M	$18.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009130	−0.262%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.992%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009148	−0.070%	$328K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009129	−0.281%	$643K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009147	−0.081%	$9.4M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009136	−0.201%	$131K	$770K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009112	−0.464%	$139K	$275K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009134	−0.224%	$40.6M	$198.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009127	−0.300%	$24.6M	$47.3M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009127	−0.300%	$8.2M	$58.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009130	−0.267%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009147	−0.081%	$11.7M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009148	−0.070%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009138	−0.179%	$8.9M	$15.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009138	−0.179%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009146	−0.092%	$302K	$386K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009015	−1.526%	$923K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009142	−0.139%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009140	−0.158%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009146	−0.092%	$24K	$335K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009365	+2.300%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009148	−0.070%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009159	+0.050%	$95K	$417K	25x
Extended PENGU-USD	+0.0104%	1h	0.009150	−0.045%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009144	−0.114%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009130	−0.269%	$308	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0297%	1h	0.009154	−0.005%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009140	−0.158%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009132	−0.245%	$259	$91	5x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0377%	1h	0.009154	long leg	$339K	$2.7M	50x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009140	−0.158%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1744%	1h	0.009116	−0.417%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.618%	$81K	$73K	50x	as long as short