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: Injective against KuCoin+1.035%70s7-day average −0.760% · you sell dearer than you buy

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

Long on KuCoin Short on Injective

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)−1.594%−$159 · spread now +1.035%, 7d avg −0.760%

Together, before fees−1.395%−$140 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.795% dearer against KuCoin than usual: you sell high and buy low (spread +1.035% now, against its 7-day average of −0.760%): +$179 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you. The two prices were read 70 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	KuCoin PENGUUSDTM	0.008699	0.0100	pay 0.0050% / 4h	1h 38m	$4.8M	$9.1M	75x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	38m 00s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now +1.035%Rate

Funding earned: −$14
Price spread: +1.035% → −0.760%: $179.46
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $153.44
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 5 min ago; Injective: no order-book sample. 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 KuCoin live order book, 5 min ago	1.14 bp	14.1 bp −$14	47.9 bp −$479	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.0209%	1h	0.008707	+0.092%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0032%	1h	0.008715	+0.184%	$199	$64	5x	as long as short
Gate PENGU_USDT	−0.0004%	4h	0.008697	−0.023%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008710	+0.129%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	+1.035%	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008706	+0.080%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	+0.115%	$23K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	+0.213%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008699	0.000%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008712	+0.144%	$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	+0.253%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008704	+0.057%	$36.4M	$159.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008703	+0.046%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008704	+0.057%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.241%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008701	+0.023%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008699	long leg	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008707	+0.092%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008698	−0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008698	−0.011%	$298K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	+0.147%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.626%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.678%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008911	+2.437%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008702	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.402%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008704	+0.056%	$179K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008696	−0.034%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008718	+0.221%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008708	+0.105%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	+0.080%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008711	+0.138%	$118K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0653%	1h	0.008709	+0.116%	$355K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+3.081%	$95K	$94K	50x	as long as short