PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0612%/8h= −67.0% APRnext payment −$0.76 per $10,000 · paid last 24h +0.110%

Price spread now: Injective against Kraken Futures−0.332%63s7-day average −0.837% · you buy dearer than you sell

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

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.857%−$86 · spread now −0.332%, 7d avg −0.837%

Together, before fees−0.711%−$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.505% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.332% now, against its 7-day average of −0.837%): +$50 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.146%, so the current rate has only just turned against you. 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 0.146% in total (about 7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.76 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	0.008818	0.0645	pay 0.0081% / 1h	55m 55s	$355K	$2.3M	50x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	55m 55s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.332%Rate

Funding earned: −$128.46
Price spread: −0.332% → −0.837%: $50.46
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$88.02
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 3 min ago; Injective: 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, 3 min ago	3.99 bp	28.2 bp −$28	63.1 bp −$631	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 33 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	0.008815	−0.037%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008812	−0.071%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−0.332%	$3K	$117K	5.5x
Gate PENGU_USDT	+0.0076%	4h	0.008791	−0.309%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008830	+0.133%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008812	−0.071%	$313K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008815	−0.037%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	+0.036%	$595K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008803	−0.173%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	−0.244%	$132K	$523K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008808	−0.117%	$155K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008791	−0.307%	$37.3M	$156.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008784	−0.389%	$23.2M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008795	−0.264%	$7.5M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.019%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	−0.241%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	−0.219%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008798	−0.230%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008794	−0.275%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008803	−0.173%	$302K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	−0.025%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008783	−0.396%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008784	−0.389%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009023	+2.321%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008815	−0.037%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008836	+0.201%	$94K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−0.266%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008810	−0.094%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0173%	1h	0.008801	−0.202%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008820	+0.016%	$298	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0582%	1h	0.008818	−0.003%	$120K	—	100x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0645%	1h	0.008818	long leg	$355K	$2.3M	50x
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.686%	$95K	$94K	50x	as long as short