Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.110%

Price spread now: Injective against Gate+0.953%99s7-day average −0.754% · you sell dearer than you buy

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.311%+$31 on $10k

Price spread, last 3 days (all we have)−1.817%−$182 · spread now +0.953%, 7d avg −0.754%

Together, before fees−1.506%−$151 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Injective is 1.707% dearer against Gate than usual: you sell high and buy low: +$171 more if the spread goes back to its 7-day average of −0.754%. The two prices were read 99 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	Gate PENGU_USDT	0.008706	−0.0318	get 0.0159% / 4h	11m 35s	$3.4M	$15.7M	75x
Short	Injective PENGU/USDC PERP	0.008789	−0.0114	pay 0.0014% / 1h	11m 35s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now +0.953%Rate

Funding earned: $42.82
Price spread: +0.953% → −0.754%: $170.74
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $198.54
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	2.29 bp	15.5 bp −$15	40.7 bp −$407	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
Kraken Futures PF_PENGUUSD	−0.0343%	1h	0.008728	+0.255%	$366K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0332%	4h	0.008700	−0.069%	$22.7M	$36.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0323%	1h	0.008722	+0.184%	$19K	$9K	10x	as long as short
Gate PENGU_USDTlong	−0.0318%	4h	0.008706	long leg	$3.4M	$15.7M	75x
Variational Omni PENGU	−0.0295%	4h	0.008731	+0.290%	$767K	$832K	—	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008698	−0.092%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0183%	1h	0.008719	+0.149%	$306K	$315K	10x	as long as short
Injective PENGU/USDC PERPshort	−0.0114%	1h	0.008789	+0.953%	$3K	$117K	5.5x
Nado PENGU-PERP	−0.0022%	1h	0.008707	+0.006%	$692K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008729	+0.264%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0019%	1h	0.008716	+0.119%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008721	+0.172%	$456K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008712	+0.069%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008723	+0.195%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008707	+0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008718	+0.136%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008712	+0.069%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008706	0.000%	$36.0M	$155.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008703	−0.034%	$7.5M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	+0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008711	+0.057%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008712	+0.069%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008707	+0.011%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008707	+0.011%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.264%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008935	+2.630%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008718	+0.138%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008749	+0.494%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008702	−0.042%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008717	+0.126%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008703	−0.036%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008721	+0.172%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008731	+0.287%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.712%	$93K	$103K	50x	as long as short