Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.113%

Price spread now: Injective against GRVT−0.102%7-day average −0.274% · you buy dearer than you sell

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

Long on GRVT Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.277%+$28 on $10k

Price spread, last 3 days (all we have)−0.817%−$82 · spread now −0.102%, 7d avg −0.274%

Together, before fees−0.540%+ Points / potential airdropGRVT: Active · farm board−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Injective is 0.172% dearer against GRVT than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.274%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008798	0.0024	pay 0.0012% / 4h	3h 42m	$466K	$2.1M	10x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	42m 31s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against GRVT. 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 GRVTbpFee InjectivebpOrdersPrice spread, now −0.102%Rate

Funding earned: $1.96
Price spread: −0.102% → −0.274%: $17.2
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $10.14
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: GRVT: 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 GRVT live order book, 1 min ago	3.97 bp	17.0 bp −$17	26.3 bp −$263	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	−0.0391%	1h	0.008835	+0.418%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0338%	4h	0.008830	+0.364%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.419%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	+0.398%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0211%	4h	0.008825	+0.307%	$23.1M	$37.2M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008826	+0.318%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	+0.318%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008827	+0.331%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perplong	+0.0024%	4h	0.008798	long leg	$466K	$2.1M	10x
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−0.102%	$3K	$117K	5.5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0051%	1h	0.008833	+0.398%	$700K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008828	+0.336%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	+0.330%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	+0.330%	$24K	$184K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	+0.375%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008828	+0.340%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008829	+0.352%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	+0.384%	$36.9M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008833	+0.398%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.364%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	+0.341%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008831	+0.375%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.409%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008830	+0.364%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.102%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.410%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.296%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.307%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008830	+0.365%	$182K	$794K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	+0.307%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008829	+0.350%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	+0.284%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008827	+0.330%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	+0.114%	$94K	$102K	50x	as long as short