Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.092%

Price spread now: Injective against Orderly−3.311%58s7-day average −0.827% · you buy dearer than you sell

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 4 days (all we have)+2.746%+$275 · spread now −3.311%, 7d avg −0.827%

Together, before fees+2.963%+$296 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 2.484% cheaper against Orderly than usual: you would sell low and buy high (−$248 if the spread goes back to its 7-day average of −0.827%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.217%, so the current rate has only just turned against you. The two prices were read 58 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	Orderly PERP_PENGU_USDC	0.009090	0.0100	pay 0.0050% / 4h	2h 18m	$23K	$359K	20x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	18m 06s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −3.311%Rate

Funding earned: −$14
Price spread: −3.311% → −0.827%: −$248.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$268.46
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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 exchanges

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	0.009077	−0.143%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−3.311%	$3K	$117K	5.5x
Deribit PENGU_USDC-PERPETUAL	+0.0080%	1h	0.009091	+0.011%	$1K	$28K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009090	0.000%	$325K	$711K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009087	−0.039%	$649K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009089	−0.012%	$138K	$791K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009086	−0.044%	$137K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009084	−0.066%	$40.0M	$196.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009073	−0.187%	$24.6M	$47.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009077	−0.143%	$8.3M	$57.6M	50x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.110%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009077	−0.143%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009086	−0.044%	$12.4M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009086	−0.044%	$5.1M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009087	−0.033%	$8.8M	$14.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009078	−0.132%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009081	−0.099%	$303K	$370K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009089	−0.015%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009105	+0.165%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.121%	$80K	$249K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009090	long leg	$23K	$359K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009313	+2.453%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009091	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009105	+0.165%	$93K	$423K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009086	−0.046%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009088	−0.022%	$210K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0214%	1h	0.009095	+0.055%	$332K	$2.7M	50x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009088	−0.025%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0320%	1h	0.009099	+0.099%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009085	−0.055%	$1.6M	$5.3M	75x	as long as short
Hyperliquid PENGU	+0.0361%	1h	0.009094	+0.044%	$9.8M	$17.0M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009078	−0.132%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1133%	1h	0.009086	−0.043%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009118	+0.308%	$83K	$94K	50x	as long as short