Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.125%

Price spread now: Injective against Gate−2.561%7-day average −0.708% · you buy dearer than you sell

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.313%+$31 on $10k

Price spread, last 4 days (all we have)+1.989%+$199 · spread now −2.561%, 7d avg −0.708%

Together, before fees+2.302%+$230 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.853% cheaper against Gate than usual: you would sell low and buy high (−$185 if the spread goes back to its 7-day average of −0.708%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.313%, 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	Gate PENGU_USDT	0.009020	0.0100	pay 0.0050% / 4h	3h 54m	$3.4M	$15.9M	75x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	54m 38s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −2.561%Rate

Funding earned: −$14
Price spread: −2.561% → −0.708%: −$185.25
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$214.27
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 4 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 Gate live order book, 4 min ago	3.36 bp	17.8 bp −$18	49.2 bp −$492	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009021	+0.010%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−2.561%	$3K	$117K	5.5x
dYdX PENGU-USD	+0.0064%	1h	0.009035	+0.169%	$12K	$5K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0083%	1h	0.009025	+0.055%	$19K	$10K	10x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.009021	+0.011%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009038	+0.200%	$326K	$725K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009018	−0.022%	$606K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009038	+0.200%	$8.4M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009036	+0.172%	$130K	$597K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009033	+0.144%	$159K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009033	+0.147%	$38.8M	$167.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009019	−0.011%	$23.9M	$40.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009020	0.000%	$7.8M	$49.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009010	−0.111%	$19K	$24K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.009020	long leg	$3.4M	$15.9M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009022	+0.022%	$11.0M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009035	+0.166%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009027	+0.078%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009022	+0.022%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009035	+0.166%	$302K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	−0.245%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	−0.626%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008966	−0.599%	$81K	$242K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009023	+0.033%	$24K	$85K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009245	+2.494%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009025	+0.055%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009014	−0.067%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009017	−0.034%	$186K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009022	+0.022%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009018	−0.020%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009023	+0.033%	$1.5M	$4.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0477%	1h	0.009024	+0.044%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0605%	1h	0.009041	+0.237%	$353K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009069	+0.543%	$96K	$61K	50x	as long as short