Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h +0.097%

Price spread now: Injective against HTX−0.377%65s7-day average — · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Injective is 0.377% cheaper against HTX than usual: you would sell low and buy high (−$38 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008748	0.0100	pay 0.0050% / 4h	3h 07m	$91K	$248K	25x
Short	Injective PENGU/USDC PERP	0.008715	−0.0151	pay 0.0019% / 1h	7m 31s	$3K	$81K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −0.377%Rate

Funding earned: −$52.75
Price spread: −0.377% → 0.000%: −$37.72
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$102.49
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 19 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 HTX live order book, 19 min ago	9.10 bp	15.1 bp −$15	doesn't fit	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	−0.0314%	4h	0.008757	+0.103%	$3.5M	$15.4M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0270%	1h	0.008745	−0.031%	$387K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0195%	4h	0.008750	+0.023%	$23.0M	$35.4M	75x	as long as short
Injective PENGU/USDC PERPshort	−0.0151%	1h	0.008715	−0.377%	$3K	$81K	5.5x
01 Exchange PENGUUSD	−0.0048%	1h	0.008758	+0.114%	$200	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008771	+0.269%	$12K	$5K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008743	−0.057%	$21K	$8K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008763	+0.170%	$33K	—	150x	as long as short
Backpack PENGU_USDC_PERP	+0.0096%	1h	0.008744	−0.046%	$313K	$320K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008763	+0.171%	$293K	$715K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008760	+0.137%	$680K	$762K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008760	+0.137%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008771	+0.257%	$173K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008763	+0.171%	$144K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008758	+0.117%	$36.5M	$150.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008757	+0.103%	$7.9M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	+0.137%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008757	+0.103%	$12.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008759	+0.126%	$4.9M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008761	+0.149%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008759	+0.126%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008679	−0.791%	$798K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008726	−0.248%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008694	−0.617%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008744	−0.046%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008948	+2.286%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	−0.080%	$989	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008748	long leg	$91K	$248K	25x
Extended PENGU-USD	+0.0104%	1h	0.008754	+0.065%	$179K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008742	−0.069%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008757	+0.108%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008717	−0.354%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0491% / S −0.0675%	1h	0.008761	+0.149%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.3264%	1h	0.008903	+1.772%	$94K	$97K	50x	as long as short