Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: Binance against Injective+3.252%97s7-day average +0.713% · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)−2.752%−$275 · spread now +3.252%, 7d avg +0.713%

Together, before fees−2.959%−$296 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 Binance is 2.539% dearer against Injective than usual: you sell high and buy low: +$254 more if the spread goes back to its 7-day average of +0.713%. Mind the row above: over the last 7 days funding on this pair cost −0.208%, so the current rate has only just turned in your favour. The two prices were read 97 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	51m 40s	$3K	$117K	5.5x
Short	Binance PENGUUSDT	0.009075	0.0100	get 0.0050% / 4h	3h 51m	$39.0M	$168.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +3.252%Rate

Funding earned: $14
Price spread: +3.252% → +0.713%: $253.91
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $257.89
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 7 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 Binance live order book, 7 min ago	0.56 bp	7.0 bp −$7	16.0 bp −$160	60.3 bp −$6,026	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009097	+3.504%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009098	+3.512%	$34K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
dYdX PENGU-USD	+0.0040%	1h	0.009072	+3.222%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.009096	+3.493%	$208	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009085	+3.368%	$327K	$727K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009098	+3.516%	$611K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009090	+3.425%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009103	+3.570%	$131K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009073	+3.231%	$160K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDTshort	+0.0100%	4h	0.009075	+3.252%	$39.0M	$168.7M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.009068	+3.174%	$24.1M	$40.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009066	+3.152%	$7.9M	$49.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009090	+3.425%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009095	+3.482%	$3.5M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009099	+3.527%	$11.1M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009098	+3.516%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009088	+3.402%	$8.9M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009094	+3.470%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009097	+3.504%	$304K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	+2.377%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	+1.985%	$478K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009097	+3.504%	$24K	$84K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009313	+5.962%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009096	+3.493%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009115	+3.709%	$94K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009094	+3.475%	$188K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009095	+3.482%	$210K	—	3x	as long as short
ApeX Omni PENGUUSDT	+0.0169%	1h	0.009026	+2.697%	$82K	$242K	50x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009090	+3.427%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009077	+3.277%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0477%	1h	0.009095	+3.482%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0601%	1h	0.009101	+3.547%	$355K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009096	+3.493%	$97K	$61K	50x	as long as short