Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.091%

Price spread now: Injective against Bitget−4.291%7-day average −0.845% · you buy dearer than you sell

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.197%+$20 on $10k

Price spread, last 4 days (all we have)+3.744%+$374 · spread now −4.291%, 7d avg −0.845%

Together, before fees+3.941%+$394 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.445% cheaper against Bitget than usual: you would sell low and buy high (−$345 if the spread goes back to its 7-day average of −0.845%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.197%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.009183	0.0100	pay 0.0050% / 4h	3h 05m	$9.0M	$15.2M	75x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	5m 08s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −4.291%Rate

Funding earned: −$14
Price spread: −4.291% → −0.845%: −$344.52
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$370.54
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: 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 Bitget live order book, 3 min ago	1.63 bp	13.7 bp −$14	34.7 bp −$347	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 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	−0.0028%	4h	0.009160	−0.250%	$3.7M	$18.3M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009167	−0.175%	$34K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−4.291%	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.009185	+0.022%	$329K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009169	−0.150%	$648K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009178	−0.054%	$9.5M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009181	−0.019%	$133K	$784K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009163	−0.218%	$139K	$235K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009179	−0.043%	$40.7M	$196.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009170	−0.142%	$24.9M	$47.2M	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	0.009170	−0.142%	$8.4M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009180	−0.033%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009179	−0.044%	$12.0M	$13.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009172	−0.120%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009183	long leg	$9.0M	$15.2M	75x
BingX PENGU-USDC	+0.0100%	4h	0.009170	−0.142%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009173	−0.109%	$303K	$370K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009164	−0.207%	$947K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009181	−0.019%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009173	−0.109%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009173	−0.109%	$24K	$349K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009393	+2.287%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009178	−0.054%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009187	+0.044%	$96K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009175	−0.084%	$188K	$746K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009175	−0.087%	$212K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0186%	1h	0.009181	−0.022%	$1K	$28K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009166	−0.184%	$310	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009187	+0.044%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009186	+0.033%	$210	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0376%	1h	0.009191	+0.083%	$348K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009169	−0.152%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1406%	1h	0.009158	−0.272%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009232	+0.534%	$79K	$85K	50x	as long as short