Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: Binance against Injective+1.286%7-day average +0.725% · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)−0.627%−$63 · spread now +1.286%, 7d avg +0.725%

Together, before fees−0.834%−$83 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.561% dearer against Injective than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.725%. Mind the row above: over the last 7 days funding on this pair cost −0.208%, so the current rate has only just turned in your favour.

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	13m 12s	$3K	$117K	5.5x
Short	Binance PENGUUSDT	0.008902	0.0100	get 0.0050% / 4h	3h 13m	$37.8M	$173.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +1.286%Rate

Funding earned: $14
Price spread: +1.286% → +0.725%: $56.06
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $60.04
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 15 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 Binance live order book, 15 min ago	0.56 bp	7.2 bp −$7	18.7 bp −$187	63.5 bp −$6,346	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 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008901	+1.274%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	+1.318%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Gate PENGU_USDT	+0.0042%	4h	0.008897	+1.229%	$3.3M	$16.5M	75x	as long as short
dYdX PENGU-USD	+0.0062%	1h	0.008909	+1.364%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008906	+1.331%	$324K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008913	+1.411%	$204	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008904	+1.308%	$597K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008904	+1.308%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008905	+1.316%	$137K	$643K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008904	+1.308%	$136K	$273K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008902	+1.286%	$37.8M	$173.1M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008892	+1.172%	$23.6M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008896	+1.217%	$7.7M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008910	+1.377%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008901	+1.274%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008899	+1.252%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008903	+1.297%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008900	+1.263%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008897	+1.229%	$297K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	+1.376%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008914	+1.427%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008933	+1.638%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008899	+1.252%	$23K	$119K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009110	+3.652%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008903	+1.297%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008924	+1.536%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008894	+1.194%	$184K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008892	+1.172%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008906	+1.334%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	+1.320%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008905	+1.320%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008908	+1.359%	$326K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+1.877%	$94K	$59K	50x	as long as short