Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.125%

Price spread now: Gate against Injective+2.822%54s7-day average +0.743% · you sell dearer than you buy

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

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 4 days (all we have)−1.844%−$184 · spread now +2.822%, 7d avg +0.743%

Together, before fees−2.140%−$214 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 Gate is 2.079% dearer against Injective than usual: you sell high and buy low: +$208 more if the spread goes back to its 7-day average of +0.743%. Mind the row above: over the last 7 days funding on this pair cost −0.296%, so the current rate has only just turned in your favour. The two prices were read 54 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	8m 19s	$3K	$117K	5.5x
Short	Gate PENGU_USDT	0.009037	0.0100	get 0.0050% / 4h	1h 08m	$3.7M	$17.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +2.822%Rate

Funding earned: $14
Price spread: +2.822% → +0.743%: $207.88
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $206.86
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	1.11 bp	17.6 bp −$18	56.0 bp −$560	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 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009045	+2.910%	$33K	—	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	0.009045	+2.913%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009041	+2.867%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009049	+2.962%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	+2.822%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009045	+2.909%	$39.5M	$189.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009038	+2.833%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009042	+2.879%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	+2.856%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDTshort	+0.0100%	4h	0.009037	+2.822%	$3.7M	$17.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009044	+2.901%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009038	+2.833%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009048	+2.947%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009037	+2.822%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009048	+2.947%	$296K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	+2.911%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+3.027%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+3.049%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009046	+2.924%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009266	+5.427%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009046	+2.924%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+3.038%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009043	+2.890%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009043	+2.890%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0210%	1h	0.009049	+2.958%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009044	+2.903%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0303%	1h	0.009051	+2.981%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009038	+2.833%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+2.981%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009045	+2.913%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0564%	1h	0.009043	+2.892%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0674%	1h	0.009051	+2.980%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+3.937%	$80K	$70K	50x	as long as short