Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: KuCoin against Injective−0.865%55s7-day average +0.760% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)+1.424%+$142 · spread now −0.865%, 7d avg +0.760%

Together, before fees+1.225%+$123 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 1.625% cheaper against Injective than usual: you would sell low and buy high (spread −0.865% now, against its 7-day average of +0.760%). If the spread goes back, that is −$162 on $10k: about 3 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.199%, so the current rate has only just turned in your favour. The two prices were read 55 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	38m 22s	$3K	$117K	5.5x
Short	KuCoin PENGUUSDTM	0.008713	0.0100	get 0.0050% / 4h	1h 38m	$4.8M	$9.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.865%Rate

Funding earned: $14
Price spread: −0.865% → +0.760%: −$162.47
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$160.49
Costs to cover: 0.120%
Break-even: 87.2 days

Slippage unknown: Injective: no order-book sample; KuCoin: 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 KuCoin live order book, 5 min ago	1.14 bp	23.2 bp −$23	54.9 bp −$549	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
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008700	−1.013%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0032%	1h	0.008715	−0.842%	$199	$64	5x	as long as short
Gate PENGU_USDT	−0.0004%	4h	0.008707	−0.933%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008710	−0.896%	$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	0.008723	−0.751%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	−0.910%	$23K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	−0.814%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008714	−0.853%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008722	−0.762%	$120K	$577K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008721	−0.774%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008709	−0.906%	$36.4M	$159.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008707	−0.933%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008707	−0.933%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.785%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008715	−0.842%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008713	−0.865%	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008709	−0.910%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008709	−0.910%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008704	−0.967%	$298K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	−0.878%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	−0.405%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	−0.353%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008907	+1.343%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008700	−1.013%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008722	−0.762%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008704	−0.966%	$179K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008696	−1.058%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008718	−0.805%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008708	−0.920%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.944%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008711	−0.887%	$118K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0653%	1h	0.008708	−0.926%	$356K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.025%	$95K	$94K	50x	as long as short