Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: Aster against Injective+0.985%107s7-day average +0.756% · you sell dearer than you buy

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.200%−$20 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.985%, 7d avg +0.756%

Together, before fees−0.297%+ Points / potential airdropAster: Stage 5 · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Aster is 0.229% dearer against Injective than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.756%. Mind the row above: over the last 7 days funding on this pair cost −0.200%, so the current rate has only just turned in your favour. The two prices were read 107 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	0.008789	0.0033	pay 0.0004% / 1h	17m 36s	$3K	$117K	5.5x
Short	Aster PENGUUSDT	0.008876	0.0100	get 0.0050% / 4h	2h 17m	$122K	$671K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.985%Rate

Funding earned: $14
Price spread: +0.985% → +0.756%: $22.87
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: $28.85
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Aster: live order book, 30 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 Aster live order book, 30 min ago	4.54 bp	10.4 bp −$10	52.4 bp −$524	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008888	+1.122%	$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	0.008891	+1.161%	$322K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008872	+0.944%	$602K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008899	+1.252%	$8.2M	$15.1M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008876	+0.985%	$122K	$671K	20x
Pacifica PENGU	+0.0100%	1h	0.008879	+1.024%	$135K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008870	+0.922%	$37.5M	$177.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008864	+0.853%	$23.5M	$42.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008864	+0.853%	$7.6M	$51.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008880	+1.035%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008878	+1.013%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	+1.081%	$10.5M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008881	+1.047%	$5.0M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008871	+0.933%	$8.5M	$13.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008880	+1.035%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008884	+1.081%	$291K	$340K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	+0.307%	$920K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	+1.066%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008872	+0.944%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008896	+1.217%	$23K	$176K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009108	+3.630%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008894	+1.195%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008892	+1.172%	$92K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008872	+0.941%	$183K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008885	+1.092%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0191%	1h	0.008878	+1.017%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0200%	1h	0.008880	+1.035%	$203	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008862	+0.834%	$299	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0312%	1h	0.008897	+1.229%	$15K	$14K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0317%	1h	0.008901	+1.276%	$325K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008886	+1.104%	$1.5M	$4.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0466%	1h	0.008888	+1.126%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008896	+1.217%	$78K	$77K	50x	as long as short