Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0214%/8h= −23.4% APRpaid last 24h +0.094%

Price spread now: Injective against KuCoin+0.572%55s7-day average −0.787% · you sell dearer than you buy

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 3 days (all we have)−1.451%−$145 · spread now +0.572%, 7d avg −0.787%

Together, before fees−1.245%−$124 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.359% dearer against KuCoin than usual: you sell high and buy low (spread +0.572% now, against its 7-day average of −0.787%): +$136 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 days. Mind the row above: over the last 7 days funding on this pair paid +0.206%, so the current rate has only just turned against you. The two prices were read 55 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	KuCoin PENGUUSDTM	0.008739	0.0100	pay 0.0050% / 4h	18m 22s	$4.7M	$9.0M	75x
Short	Injective PENGU/USDC PERP	0.008789	−0.0114	pay 0.0014% / 1h	18m 22s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpFee InjectivebpOrdersPrice spread, now +0.572%Rate

Funding earned: −$44.96
Price spread: +0.572% → −0.787%: $135.93
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $78.95
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	1.14 bp	20.3 bp −$20	47.7 bp −$477	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	−0.0342%	1h	0.008749	+0.119%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0318%	4h	0.008729	−0.114%	$22.7M	$36.8M	75x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008733	−0.069%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0261%	4h	0.008723	−0.179%	$768K	$832K	—	as long as short
01 Exchange PENGUUSD	−0.0256%	1h	0.008732	−0.080%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0167%	1h	0.008733	−0.069%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERPshort	−0.0114%	1h	0.008789	+0.572%	$3K	$117K	5.5x
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008744	+0.057%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0006%	1h	0.008733	−0.069%	$694K	$776K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008741	+0.022%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0022%	1h	0.008746	+0.077%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008735	−0.044%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008734	−0.057%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008737	−0.023%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008738	−0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008742	+0.039%	$188K	$470K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008738	−0.011%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008736	−0.034%	$36.1M	$154.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008736	−0.034%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008736	−0.034%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008739	long leg	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008738	−0.011%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008725	−0.160%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008731	−0.092%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008950	+2.414%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008740	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008758	+0.217%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008735	−0.048%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008736	−0.034%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008735	−0.047%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008737	−0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	+0.023%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.332%	$93K	$103K	50x	as long as short