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: BloFin against Injective+3.368%7-day average +0.886% · you sell dearer than you buy

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

Long on Injective Short on BloFin

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)−2.697%−$270 · spread now +3.368%, 7d avg +0.886%

Together, before fees−2.408%−$241 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 2.482% dearer against Injective than usual: you sell high and buy low: +$248 more if the spread goes back to its 7-day average of +0.886%.

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	18m 23s	$3K	$117K	5.5x
Short	BloFin PENGU-USDT	0.009085	0.0340	get 0.0170% / 4h	2h 18m	$1.6M	$5.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +3.368%Rate

Funding earned: $64.4
Price spread: +3.368% → +0.886%: $248.22
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $300.6
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 3 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 BloFin live order book, 3 min ago	0.55 bp	10.1 bp −$10	13.2 bp −$132	44.3 bp −$4,426	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 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009080	+3.311%	$1K	$28K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009077	+3.277%	$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	0.009091	+3.436%	$325K	$711K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009087	+3.385%	$649K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009092	+3.447%	$138K	$791K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009086	+3.379%	$137K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009092	+3.442%	$40.0M	$196.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009082	+3.334%	$24.6M	$47.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009087	+3.391%	$8.3M	$57.7M	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	+3.539%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009089	+3.413%	$3.8M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009092	+3.447%	$12.4M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009089	+3.413%	$5.1M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009092	+3.447%	$8.8M	$14.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009082	+3.334%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009075	+3.254%	$303K	$370K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009089	+3.409%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009105	+3.596%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+3.550%	$80K	$249K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+3.288%	$23K	$359K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009299	+5.803%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009080	+3.311%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009101	+3.550%	$93K	$423K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009089	+3.416%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009078	+3.288%	$210K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0214%	1h	0.009084	+3.351%	$331K	$2.7M	50x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009088	+3.399%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0320%	1h	0.009099	+3.527%	$208	$141	5x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.009085	+3.368%	$1.6M	$5.3M	75x
Hyperliquid PENGU	+0.0360%	1h	0.009103	+3.573%	$9.8M	$17.0M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009078	+3.288%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1133%	1h	0.009086	+3.380%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009118	+3.743%	$83K	$94K	50x	as long as short