Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: HTX against Injective+4.324%65s7-day average +1.085% · you sell dearer than you buy

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

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−2.997%−$300 · spread now +4.324%, 7d avg +1.085%

Together, before fees−2.979%−$298 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 HTX is 3.238% dearer against Injective than usual: you sell high and buy low: +$324 more if the spread goes back to its 7-day average of +1.085%. The two prices were read 65 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	42m 07s	$3K	$117K	5.5x
Short	HTX PENGU-USDT	0.009169	0.0100	get 0.0050% / 4h	42m 07s	$95K	$404K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 HTXbpOrdersPrice spread, now +4.324%Rate

Funding earned: $14
Price spread: +4.324% → +1.085%: $323.82
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $325.8
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; HTX: live order book, 61 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 HTX live order book, 61 min ago	19.25 bp	133.5 bp −$134	doesn't fit	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	0.009134	+3.926%	$34K	—	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	0.009144	+4.039%	$330K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009139	+3.988%	$644K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009151	+4.119%	$9.3M	$16.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009144	+4.035%	$144K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009151	+4.119%	$138K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009144	+4.040%	$39.9M	$192.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009131	+3.891%	$24.5M	$44.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009137	+3.959%	$8.0M	$56.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009150	+4.107%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009140	+3.994%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009141	+4.005%	$11.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009139	+3.982%	$5.0M	$10.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009145	+4.051%	$8.8M	$14.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009139	+3.982%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009138	+3.971%	$297K	$371K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009112	+3.672%	$928K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009128	+3.857%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009134	+3.925%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009140	+3.994%	$24K	$267K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009359	+6.485%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009137	+3.959%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009169	+4.324%	$95K	$404K	25x
Extended PENGU-USD	+0.0104%	1h	0.009131	+3.886%	$187K	$742K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009134	+3.925%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009142	+4.012%	$309	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0297%	1h	0.009140	+3.994%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0320%	1h	0.009143	+4.028%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009130	+3.880%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0378%	1h	0.009150	+4.109%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0352%	1h	0.009137	+3.959%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009141	+4.009%	$343K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+4.631%	$81K	$74K	50x	as long as short