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 −0.093%

Price spread now: Aster against Injective+0.001%117s7-day average +0.781% · you sell dearer than you buy

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 3 days (all we have)+1.094%+$109 · spread now +0.001%, 7d avg +0.781%

Together, before fees+0.892%+ Points / potential airdropAster: Stage 5 · farm board+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.780% cheaper against Injective than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.781%). If the spread goes back, that is −$78 on $10k: about 39 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.202%, so the current rate has only just turned in your favour. The two prices were read 117 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	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	33m 27s	$3K	$117K	5.5x
Short	Aster PENGUUSDT	0.008789	0.0100	get 0.0050% / 4h	2h 33m	$168K	$506K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now +0.001%Rate

Funding earned: $14
Price spread: +0.001% → +0.781%: −$77.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$71.99
Costs to cover: 0.080%
Break-even: 43.0 days

Slippage unknown: Injective: no order-book sample; Aster: live order book, 34 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Aster live order book, 34 min ago	4.47 bp	10.5 bp −$10	32.3 bp −$323	doesn't fit	doesn't fit

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
Variational Omni PENGU	−0.0010%	4h	0.008770	−0.215%	$872K	$1.0M	—	as long as short
Gate PENGU_USDT	0.0000%	4h	0.008781	−0.091%	$3.4M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008811	+0.250%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008792	+0.032%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
01 Exchange PENGUUSD	+0.0072%	1h	0.008785	−0.046%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008794	+0.057%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008811	+0.250%	$19K	$170K	20x	as long as short
Nado PENGU-PERP	+0.0099%	1h	0.008790	+0.011%	$592K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008795	+0.068%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDTshort	+0.0100%	4h	0.008789	+0.001%	$168K	$506K	20x
Pacifica PENGU	+0.0100%	1h	0.008790	+0.011%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008794	+0.061%	$37.5M	$157.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008786	−0.034%	$22.9M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008792	+0.034%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008795	+0.068%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008793	+0.046%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008794	+0.057%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008791	+0.023%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	+0.262%	$302K	$320K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008804	+0.171%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.148%	$80K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009028	+2.719%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008812	+0.262%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008811	+0.250%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008777	−0.135%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008805	+0.182%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008820	+0.350%	$363K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0238%	1h	0.008789	−0.003%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008790	+0.009%	$297	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008793	+0.046%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.025%	$95K	$104K	50x	as long as short