Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h +0.097%

Price spread now: Injective against Binance+0.460%67s7-day average — · you sell dearer than you buy

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.460% dearer against Binance than usual: you sell high and buy low (spread +0.460% now, against zero (this spread has no 7-day history yet)): +$46 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 7.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.223%, so the current rate has only just turned against you. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008675	0.0100	pay 0.0050% / 4h	2h 58m	$35.9M	$150.9M	75x
Short	Injective PENGU/USDC PERP	0.008715	−0.0110	pay 0.0014% / 1h	58m 16s	$3K	$81K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +0.460%Rate

Funding earned: −$44.17
Price spread: +0.460% → 0.000%: $46.01
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$8.19
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Binance: live order book, 15 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 Binance live order book, 15 min ago	0.58 bp	7.5 bp −$7	19.0 bp −$190	73.7 bp −$7,375	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 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
Backpack PENGU_USDC_PERP	−0.0592%	1h	0.008700	+0.287%	$311K	$324K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0551%	1h	0.008682	+0.081%	$384K	$2.2M	50x	as long as short
Bybit PENGUUSDT	−0.0351%	4h	0.008675	−0.001%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0316%	4h	0.008692	+0.195%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0210%	1h	0.008684	+0.103%	$21K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008696	+0.241%	$199	$59	5x	as long as short
Injective PENGU/USDC PERPshort	−0.0110%	1h	0.008715	+0.460%	$3K	$81K	5.5x
dYdX PENGU-USD	0.0000%	1h	0.008702	+0.305%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.213%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008677	+0.022%	$294K	$718K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008701	+0.299%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008703	+0.319%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008700	+0.287%	$143K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008675	long leg	$35.9M	$150.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008680	+0.057%	$7.7M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	+0.287%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008696	+0.241%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008695	+0.230%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008678	+0.034%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008675	−0.001%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.721%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	+0.460%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.495%	$79K	$254K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008693	+0.212%	$675K	$766K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008687	+0.137%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008895	+2.535%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	+0.010%	$982	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008714	+0.449%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008674	−0.013%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008676	+0.010%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008692	+0.192%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008711	+0.414%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008692	+0.195%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.627%	$94K	$97K	50x	as long as short