Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h +0.019%

Price spread now: Injective against BloFin−4.415%7-day average −0.842% · you buy dearer than you sell

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

Long on BloFin Short on Injective

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)+3.636%+$364 · spread now −4.415%, 7d avg −0.842%

Together, before fees+3.347%+$335 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Injective is 3.574% cheaper against BloFin than usual: you would sell low and buy high (−$357 if the spread goes back to its 7-day average of −0.842%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.009195	0.0340	pay 0.0170% / 4h	2h 58m	$1.7M	$5.4M	75x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	58m 05s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −4.415%Rate

Funding earned: −$64.4
Price spread: −4.415% → −0.842%: −$357.38
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$433.8
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; 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 BloFin live order book, 6 min ago	4.90 bp	12.0 bp −$12	17.1 bp −$171	52.6 bp −$5,262	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009228	+0.363%	$34K	—	150x	as long as short
Gate PENGU_USDT	+0.0028%	4h	0.009172	−0.250%	$3.8M	$17.5M	75x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−4.415%	$3K	$117K	5.5x
Deribit PENGU_USDC-PERPETUAL	+0.0076%	1h	0.009192	−0.033%	$1K	$28K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009193	−0.022%	$329K	$700K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009207	+0.136%	$652K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009186	−0.098%	$9.6M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009177	−0.192%	$142K	$790K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009200	+0.054%	$140K	$235K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009176	−0.204%	$40.7M	$196.7M	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	0.009170	−0.272%	$24.9M	$47.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009169	−0.283%	$8.3M	$58.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009210	+0.163%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009177	−0.196%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009177	−0.196%	$5.2M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009180	−0.163%	$8.9M	$14.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009176	−0.207%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009172	−0.250%	$303K	$371K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009219	+0.259%	$953K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009227	+0.348%	$482K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009238	+0.468%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009192	−0.033%	$24K	$356K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009419	+2.436%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009179	−0.174%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009209	+0.152%	$96K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009177	−0.190%	$189K	$746K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009184	−0.120%	$212K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0212%	1h	0.009188	−0.077%	$345K	$2.7M	50x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009200	+0.059%	$311	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.009195	long leg	$1.7M	$5.4M	75x
01 Exchange PENGUUSD	+0.0344%	1h	0.009217	+0.239%	$211	$141	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0351%	1h	0.009239	+0.479%	$106K	—	100x	as long as short
dYdX PENGU-USD	+0.1735%	1h	0.009197	+0.018%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009424	+2.490%	$81K	$87K	50x	as long as short