Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0164%/8h= −17.9% APRpaid last 24h −0.111%

Price spread now: Gate against Injective0.000%84s7-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 Gate

What this pair did over the last

the charts below follow

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

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 84 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	−0.0110	get 0.0014% / 1h	21m 54s	$3K	$81K	5.5x
Short	Gate PENGU_USDT	0.008715	−0.0274	pay 0.0137% / 4h	2h 21m	$3.4M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$34.37
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$49.39
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	3.45 bp	15.8 bp −$16	42.1 bp −$421	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	−0.0548%	1h	0.008722	+0.075%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDTshort	−0.0274%	4h	0.008715	0.000%	$3.4M	$15.4M	75x
Injective PENGU/USDC PERPlong	−0.0110%	1h	0.008715	long leg	$3K	$81K	5.5x
Bybit PENGUUSDT	−0.0018%	4h	0.008712	−0.034%	$22.6M	$35.9M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008701	−0.155%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008721	+0.069%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008722	+0.075%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008716	+0.011%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0017%	1h	0.008716	+0.011%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008719	+0.046%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008710	−0.052%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008722	+0.080%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008717	+0.024%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008707	−0.092%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008719	+0.046%	$36.1M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008719	+0.046%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008721	+0.069%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008714	−0.011%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008722	+0.080%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008719	+0.046%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.468%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.516%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.493%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008723	+0.092%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.490%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008718	+0.034%	$992	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008740	+0.287%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008710	−0.061%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008715	0.000%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008718	+0.032%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008705	−0.115%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008723	+0.092%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.080%	$93K	$96K	50x	as long as short