Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h −0.019%

Price spread now: BloFin against Injective+2.981%7-day average +0.842% · you sell dearer than you buy

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.289%+$29 on $10k

Price spread, last 4 days (all we have)−2.202%−$220 · spread now +2.981%, 7d avg +0.842%

Together, before fees−1.913%−$191 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 2.139% dearer against Injective than usual: you sell high and buy low: +$214 more if the spread goes back to its 7-day average of +0.842%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	32m 26s	$3K	$117K	5.5x
Short	BloFin PENGU-USDT	0.009051	0.0340	get 0.0170% / 4h	3h 32m	$1.6M	$5.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now +2.981%Rate

Funding earned: $64.4
Price spread: +2.981% → +0.842%: $213.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $266.31
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	6.03 bp	12.2 bp −$12	18.9 bp −$189	48.0 bp −$4,800	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
Gate PENGU_USDT	−0.0340%	4h	0.009007	+2.480%	$3.7M	$17.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009076	+3.265%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009075	+3.257%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.009047	+2.935%	$329K	$756K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009021	+2.640%	$641K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009028	+2.719%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009015	+2.576%	$132K	$762K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009041	+2.867%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009015	+2.571%	$39.8M	$197.1M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009011	+2.526%	$24.3M	$47.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009020	+2.628%	$8.1M	$57.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	+2.856%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009018	+2.606%	$11.5M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009024	+2.674%	$5.0M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009029	+2.731%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009006	+2.469%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009068	+3.174%	$315K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009099	+3.527%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	+3.265%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009132	+3.903%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009024	+2.674%	$23K	$328K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009277	+5.552%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009068	+3.174%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009079	+3.300%	$95K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009032	+2.761%	$189K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009055	+3.027%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009018	+2.607%	$305	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.009051	+2.981%	$1.6M	$5.2M	75x
01 Exchange PENGUUSD	+0.0352%	1h	0.009044	+2.901%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0380%	1h	0.009073	+3.227%	$337K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0351%	1h	0.009011	+2.526%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+4.801%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2355%	1h	0.009038	+2.836%	$21K	$18K	5x	as long as short