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 Bitget−0.774%71s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.200%+$20 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 0.774% cheaper against Bitget than usual: you would sell low and buy high (−$77 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 +0.200%, so the current rate has only just turned against you. The two prices were read 71 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	Bitget PENGUUSDT	0.008783	0.0100	pay 0.0050% / 4h	1h 30m	$8.4M	$12.6M	75x
Short	Injective PENGU/USDC PERP	0.008715	0.0033	get 0.0004% / 1h	30m 16s	$3K	$81K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −0.774%Rate

Funding earned: −$14
Price spread: −0.774% → 0.000%: −$77.42
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$103.44
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	1.14 bp	13.6 bp −$14	25.1 bp −$251	99.9 bp −$9,993	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	−0.0607%	1h	0.008789	+0.067%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0326%	4h	0.008775	−0.091%	$3.4M	$15.5M	75x	as long as short
Bybit PENGUUSDT	−0.0141%	4h	0.008774	−0.102%	$22.8M	$36.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008784	+0.011%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008775	−0.091%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008784	+0.012%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	−0.052%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008715	−0.774%	$3K	$81K	5.5x
Lighter PENGU	+0.0096%	1h	0.008785	+0.023%	$308K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008779	−0.040%	$679K	$757K	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	0.008779	−0.046%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008784	+0.008%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008778	−0.057%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008784	+0.011%	$36.6M	$152.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008778	−0.057%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.011%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	−0.080%	$4.7M	$8.9M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008783	long leg	$8.4M	$12.6M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008777	−0.068%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008780	−0.034%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008791	+0.097%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	+0.057%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008783	0.000%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008984	+2.289%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008780	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008799	+0.182%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008779	−0.043%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.034%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008783	0.000%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008774	−0.105%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008777	−0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008785	+0.023%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.844%	$95K	$105K	50x	as long as short