Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h +0.110%

Price spread now: Injective against Gate−0.419%114s7-day average — · you buy dearer than you sell

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.311%+$31 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.419% cheaper against Gate than usual: you would sell low and buy high (spread −0.419% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$42 on $10k: about 10 days of funding at the current rate (+$4 a day). The two prices were read 114 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	Gate PENGU_USDT	0.008826	−0.0252	get 0.0126% / 4h	51m 22s	$3.4M	$15.6M	75x
Short	Injective PENGU/USDC PERP	0.008789	−0.0114	pay 0.0014% / 1h	51m 22s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −0.419%Rate

Funding earned: $28.96
Price spread: −0.419% → 0.000%: −$41.92
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$27.98
Costs to cover: 0.150%
Break-even: 13.8 days

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	2.83 bp	16.3 bp −$16	46.9 bp −$469	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0339%	1h	0.008822	−0.047%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008810	−0.181%	$19K	$9K	10x	as long as short
Gate PENGU_USDTlong	−0.0252%	4h	0.008826	long leg	$3.4M	$15.6M	75x
Bybit PENGUUSDT	−0.0227%	4h	0.008825	−0.011%	$22.9M	$36.6M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	−0.212%	$804K	$802K	—	as long as short
Injective PENGU/USDC PERPshort	−0.0114%	1h	0.008789	−0.419%	$3K	$117K	5.5x
01 Exchange PENGUUSD	−0.0112%	1h	0.008834	+0.091%	$202	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008833	+0.082%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008823	−0.030%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0067%	1h	0.008826	+0.006%	$689K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008835	+0.102%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008834	+0.091%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008833	+0.079%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008835	+0.102%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008831	+0.057%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	+0.062%	$36.7M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	+0.068%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008830	+0.045%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008836	+0.113%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008837	+0.125%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008829	+0.034%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008811	−0.170%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.113%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008830	+0.045%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.300%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008810	−0.181%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008837	+0.125%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008831	+0.054%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008811	−0.170%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008828	+0.023%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	−0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008834	+0.091%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.272%	$94K	$104K	50x	as long as short