Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h −0.019%

Price spread now: BloFin against Injective−0.603%7-day average +0.807% · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.273%+$27 on $10k

Price spread, last 4 days (all we have)+1.382%+$138 · spread now −0.603%, 7d avg +0.807%

Together, before fees+1.655%+$166 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 1.410% cheaper against Injective than usual: you would sell low and buy high (spread −0.603% now, against its 7-day average of +0.807%). If the spread goes back, that is −$141 on $10k: about 15 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.273% in total) that is about 36 days.

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	52m 17s	$3K	$117K	5.5x
Short	BloFin PENGU-USDT	0.008736	0.0340	get 0.0170% / 4h	52m 17s	$1.5M	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.603%Rate

Funding earned: $64.4
Price spread: −0.603% → +0.807%: −$141
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$88.62
Costs to cover: 0.120%
Break-even: 16.6 days

Slippage unknown: Injective: no order-book sample; BloFin: 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 BloFin live order book, 6 min ago	0.57 bp	12.1 bp −$12	13.2 bp −$132	37.4 bp −$3,742	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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	−0.592%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008742	−0.535%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008709	−0.915%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0014%	4h	0.008710	−0.899%	$3.3M	$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	+0.0056%	1h	0.008704	−0.967%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008720	−0.785%	$310K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	−0.910%	$23K	$132K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008707	−0.933%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008713	−0.865%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008717	−0.816%	$120K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008722	−0.762%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008707	−0.933%	$36.2M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008703	−0.978%	$23.0M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008704	−0.967%	$7.2M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.899%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008710	−0.899%	$11.1M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008714	−0.853%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008706	−0.944%	$8.2M	$12.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008696	−1.058%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008740	−0.558%	$298K	$295K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	−0.477%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	−0.366%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008944	+1.764%	$3K	$2.0M	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	0.008742	−0.535%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008702	−0.988%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−1.013%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008709	−0.913%	$294	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008736	−0.603%	$1.5M	$3.5M	75x
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008751	−0.432%	$342K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0451%	1h	0.008725	−0.734%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008707	−0.933%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.025%	$95K	$61K	50x	as long as short