Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.112%

Price spread now: Injective against Bybit−0.182%98s7-day average −0.695% · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 3 days (all we have)−0.843%−$84 · spread now −0.182%, 7d avg −0.695%

Together, before fees−0.509%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.513% dearer against Bybit than usual: you sell high and buy low (spread −0.182% now, against its 7-day average of −0.695%): +$51 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 26 days. Mind the row above: over the last 7 days funding on this pair paid +0.334%, so the current rate has only just turned against you. The two prices were read 98 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	Bybit PENGUUSDT	0.008805	0.0100	pay 0.0050% / 4h	2h 07m	$23.2M	$38.4M	75x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	7m 36s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.182%Rate

Funding earned: −$14
Price spread: −0.182% → −0.695%: $51.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $26.28
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.57 bp	10.9 bp −$11	24.1 bp −$241	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	0.008832	+0.307%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	+0.220%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−0.182%	$3K	$117K	5.5x
Gate PENGU_USDT	+0.0086%	4h	0.008807	+0.023%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008831	+0.295%	$314K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008813	+0.091%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008828	+0.261%	$19K	$161K	20x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008820	+0.170%	$876K	$999K	—	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008816	+0.125%	$594K	$992K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008829	+0.273%	$8.2M	$14.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.289%	$141K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008825	+0.227%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	+0.194%	$37.5M	$157.9M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008805	long leg	$23.2M	$38.4M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008806	+0.011%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008812	+0.080%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008828	+0.261%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008813	+0.091%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008808	+0.034%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008833	+0.318%	$303K	$297K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008837	+0.361%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008840	+0.398%	$81K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009023	+2.476%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008833	+0.318%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008839	+0.386%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008809	+0.046%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008826	+0.239%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008838	+0.372%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008813	+0.093%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0334%	1h	0.008815	+0.116%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0582%	1h	0.008824	+0.216%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.840%	$95K	$94K	50x	as long as short