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: BingX against Injective+0.137%57s7-day average +0.702% · you sell dearer than you buy

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

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.198%−$20 on $10k

Price spread, last 3 days (all we have)+0.761%+$76 · spread now +0.137%, 7d avg +0.702%

Together, before fees+0.563%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.565% cheaper against Injective than usual: you would sell low and buy high (spread +0.137% now, against its 7-day average of +0.702%). If the spread goes back, that is −$57 on $10k: about 28 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.198%, so the current rate has only just turned in your favour. The two prices were read 57 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	32m 23s	$3K	$117K	5.5x
Short	BingX PENGU-USDC	0.008801	0.0100	get 0.0050% / 4h	2h 32m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.137%Rate

Funding earned: $14
Price spread: +0.137% → +0.702%: −$56.54
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$52.56
Costs to cover: 0.100%
Break-even: 33.3 days

Slippage unknown: Injective: no order-book sample; BingX: live order book, 6 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 BingX live order book, 6 min ago	2.29 bp	27.1 bp −$27	61.9 bp −$619	334.6 bp −$33.5K	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	+0.262%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	+0.231%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008812	+0.262%	$3.4M	$15.5M	75x	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	0.008813	+0.273%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008811	+0.250%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	+0.239%	$19K	$168K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	+0.319%	$594K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	+0.319%	$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 PENGUUSDT	+0.0100%	4h	0.008808	+0.212%	$168K	$506K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.171%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008815	+0.295%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008803	+0.159%	$23.0M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008807	+0.205%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.239%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008816	+0.307%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008816	+0.307%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008813	+0.273%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008801	+0.137%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008779	−0.114%	$301K	$318K	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	0.009025	+2.685%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008809	+0.228%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008802	+0.148%	$89K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	+0.219%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	+0.171%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	+0.326%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	+0.291%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0239%	1h	0.008803	+0.155%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008812	+0.262%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.025%	$95K	$100K	50x	as long as short