Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h +0.097%

Price spread now: Injective against Orderly+0.682%58s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.682% dearer against Orderly than usual: you sell high and buy low (spread +0.682% now, against zero (this spread has no 7-day history yet)): +$68 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you. The two prices were read 58 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	Orderly PERP_PENGU_USDC	0.008656	0.0100	pay 0.0050% / 4h	2h 51m	$21K	$185K	20x
Short	Injective PENGU/USDC PERP	0.008715	−0.0110	pay 0.0014% / 1h	51m 40s	$3K	$81K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.682%Rate

Funding earned: −$44.17
Price spread: +0.682% → 0.000%: $68.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $17.97
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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	−0.0553%	1h	0.008655	−0.011%	$383K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0372%	4h	0.008643	−0.150%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008642	−0.162%	$22.6M	$35.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	0.000%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0266%	1h	0.008651	−0.058%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERPshort	−0.0110%	1h	0.008715	+0.682%	$3K	$81K	5.5x
dYdX PENGU-USD	0.0000%	1h	0.008659	+0.035%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	+0.033%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008650	−0.069%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	−0.147%	$670K	$759K	5x	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	0.008658	+0.023%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008658	+0.025%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008646	−0.116%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008644	−0.135%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008642	−0.162%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	−0.069%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008646	−0.116%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008652	−0.046%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008654	−0.023%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008647	−0.104%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.236%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.296%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.243%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008656	long leg	$21K	$185K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008858	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	−0.035%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.208%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008643	−0.153%	$177K	$681K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008642	−0.162%	$198	$59	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	−0.046%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008645	−0.123%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	−0.092%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	+0.035%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.854%	$94K	$97K	50x	as long as short