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: Bitget against Injective+0.688%7-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 Bitget

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 Bitget is 0.688% dearer against Injective than usual: you sell high and buy low: +$69 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.

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	30m 45s	$3K	$81K	5.5x
Short	Bitget PENGUUSDT	0.008775	0.0100	get 0.0050% / 4h	1h 30m	$8.4M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.688%Rate

Funding earned: $14
Price spread: +0.688% → 0.000%: $68.85
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $70.83
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	1.14 bp	13.4 bp −$13	26.9 bp −$269	doesn't fit	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	0.008781	+0.762%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0322%	4h	0.008771	+0.643%	$3.4M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008778	+0.723%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0136%	4h	0.008775	+0.688%	$22.8M	$36.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008789	+0.849%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008788	+0.834%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008715	long leg	$3K	$81K	5.5x
Variational Omni PENGU	+0.0054%	4h	0.008794	+0.912%	$836K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008779	+0.734%	$308K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008787	+0.826%	$680K	$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	+0.734%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008783	+0.775%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008778	+0.723%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008781	+0.757%	$36.6M	$152.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008779	+0.734%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.861%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008779	+0.734%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008772	+0.654%	$4.7M	$8.9M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008775	+0.688%	$8.4M	$12.6M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008776	+0.700%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008778	+0.723%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008791	+0.878%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	+0.838%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008778	+0.723%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+3.236%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	+0.688%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008810	+1.090%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	+0.665%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	+0.688%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008783	+0.780%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008784	+0.787%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008777	+0.711%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008788	+0.838%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+2.639%	$95K	$105K	50x	as long as short