Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.094%

Price spread now: Injective against OKX−0.559%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.264%+$26 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.559% cheaper against OKX than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.264%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008764	0.0100	pay 0.0050% / 4h	1h 53m	$7.7M	$46.9M	50x
Short	Injective PENGU/USDC PERP	0.008715	0.0033	get 0.0004% / 1h	53m 15s	$3K	$81K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.559%Rate

Funding earned: −$14
Price spread: −0.559% → 0.000%: −$55.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$79.93
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: 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 OKX live order book, 5 min ago	0.58 bp	11.5 bp −$11	29.7 bp −$297	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
Kraken Futures PF_PENGUUSD	−0.0608%	1h	0.008773	+0.098%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008761	−0.034%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008768	+0.046%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008769	+0.057%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008763	−0.011%	$22.8M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008767	+0.038%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0019%	1h	0.008757	−0.074%	$678K	$758K	5x	as long as short
dYdX PENGU-USD	+0.0031%	1h	0.008768	+0.046%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008715	−0.559%	$3K	$81K	5.5x
Lighter PENGU	+0.0096%	1h	0.008762	−0.023%	$299K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008769	+0.057%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008771	+0.084%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008762	−0.023%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008766	+0.023%	$36.2M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008764	long leg	$7.7M	$46.9M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008760	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008765	+0.011%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008767	+0.034%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008770	+0.068%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008762	−0.023%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008763	−0.011%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.425%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	+0.058%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.148%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008771	+0.080%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008977	+2.430%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008766	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008780	+0.183%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008765	+0.013%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	+0.011%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	−0.011%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008769	+0.057%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008769	+0.057%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008788	+0.274%	$92K	$100K	50x	as long as short