Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.094%

Price spread now: HTX against Injective+0.137%7-day average — · you sell dearer than you buy

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

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and HTX is 0.137% dearer against Injective than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

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	7m 00s	$3K	$117K	5.5x
Short	HTX PENGU-USDT	0.008801	0.0100	get 0.0050% / 4h	1h 07m	$92K	$249K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.137%Rate

Funding earned: $14
Price spread: +0.137% → 0.000%: $13.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $15.63
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; HTX: live order book, 10 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 HTX live order book, 10 min ago	13.61 bp	154.9 bp −$155	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0606%	1h	0.008798	+0.108%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0288%	4h	0.008787	−0.023%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008789	0.000%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0186%	4h	0.008786	−0.034%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008780	−0.102%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0063%	4h	0.008782	−0.076%	$803K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008787	−0.020%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Nado PENGU-PERP	+0.0061%	1h	0.008783	−0.063%	$684K	$759K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0088%	1h	0.008789	0.000%	$313K	$309K	10x	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	0.008790	+0.011%	$308K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.057%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	+0.043%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008780	−0.102%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008792	+0.037%	$36.5M	$153.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008792	+0.034%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008787	−0.023%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008790	+0.011%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008797	+0.091%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008774	−0.171%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008796	+0.079%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008798	+0.102%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008786	−0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.367%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008786	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008801	+0.137%	$92K	$249K	25x
Extended PENGU-USD	+0.0104%	1h	0.008783	−0.072%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.102%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008788	−0.012%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008784	−0.052%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008789	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008788	−0.011%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.217%	$95K	$105K	50x	as long as short