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: BingX against Injective+0.608%57s7-day average — · you sell dearer than you buy

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

Long on Injective Short on BingX

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.608% dearer against Injective than usual: you sell high and buy low: +$61 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.200%, so the current rate has only just turned in your favour. The two prices were read 57 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	Injective PENGU/USDC PERP	0.008715	0.0033	pay 0.0004% / 1h	26m 13s	$3K	$81K	5.5x
Short	BingX PENGU-USDC	0.008768	0.0100	get 0.0050% / 4h	1h 26m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now +0.608%Rate

Funding earned: $14
Price spread: +0.608% → 0.000%: $60.81
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $64.79
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: live order book, 7 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 7 min ago	2.28 bp	20.8 bp −$21	60.7 bp −$607	708.7 bp −$70.9K	doesn't fit

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	0.008782	+0.774%	$370K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0319%	1h	0.008778	+0.723%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008773	+0.666%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0137%	4h	0.008764	+0.562%	$22.8M	$36.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008775	+0.688%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008783	+0.775%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	+0.728%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008715	long leg	$3K	$81K	5.5x
Lighter PENGU	+0.0096%	1h	0.008769	+0.620%	$308K	$736K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008774	+0.683%	$683K	$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	0.008781	+0.757%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008782	+0.771%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	+0.654%	$150K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	+0.627%	$36.5M	$152.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008767	+0.597%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.631%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008770	+0.631%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008775	+0.688%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008777	+0.711%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008768	+0.608%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008786	+0.815%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008803	+1.010%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	+1.067%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008779	+0.734%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+2.995%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008769	+0.620%	$995	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008785	+0.803%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008769	+0.625%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	+0.643%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0140%	1h	0.008781	+0.759%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008775	+0.683%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008791	+0.872%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008781	+0.757%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+2.639%	$95K	$105K	50x	as long as short