Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: Bitget against Injective−0.421%101s7-day average +0.764% · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)+1.288%+$129 · spread now −0.421%, 7d avg +0.764%

Together, before fees+1.091%+$109 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 1.185% cheaper against Injective than usual: you would sell low and buy high (spread −0.421% now, against its 7-day average of +0.764%). If the spread goes back, that is −$119 on $10k: about 59 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.197%, so the current rate has only just turned in your favour. The two prices were read 101 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	31m 46s	$3K	$117K	5.5x
Short	Bitget PENGUUSDT	0.008752	0.0100	get 0.0050% / 4h	2h 31m	$8.3M	$13.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.421%Rate

Funding earned: $14
Price spread: −0.421% → +0.764%: −$118.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$116.55
Costs to cover: 0.120%
Break-even: 65.3 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	1.14 bp	13.7 bp −$14	26.0 bp −$260	90.9 bp −$9,089	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	0.008740	−0.558%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	−0.522%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008751	−0.432%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008742	−0.535%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008747	−0.478%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008751	−0.437%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008747	−0.478%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008750	−0.444%	$36.9M	$176.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008740	−0.558%	$23.1M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008750	−0.444%	$7.5M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.444%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008749	−0.455%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008747	−0.478%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008745	−0.501%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008752	−0.421%	$8.3M	$13.3M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008748	−0.466%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008742	−0.535%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	−0.328%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	−0.112%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	+0.341%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008746	−0.489%	$22K	$163K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008955	+1.889%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	−0.546%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008772	−0.193%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008750	−0.448%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.580%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008757	−0.364%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0183%	1h	0.008745	−0.501%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008738	−0.577%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008746	−0.494%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	−0.444%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0462%	1h	0.008745	−0.501%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.410%	$78K	$76K	50x	as long as short