Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.093%

Price spread now: Injective against OKX−0.397%108s7-day average −0.744% · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 3 days (all we have)−0.561%−$56 · spread now −0.397%, 7d avg −0.744%

Together, before fees−0.305%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.348% dearer against OKX than usual: you sell high and buy low (spread −0.397% now, against its 7-day average of −0.744%): +$35 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 17 days. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you. The two prices were read 108 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	OKX PENGU-USDT-SWAP	0.008824	0.0100	pay 0.0050% / 4h	3h 35m	$7.6M	$47.5M	50x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	35m 33s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.397%Rate

Funding earned: −$14
Price spread: −0.397% → −0.744%: $34.76
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $10.74
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	0.57 bp	11.3 bp −$11	28.1 bp −$281	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	−0.0391%	1h	0.008852	+0.317%	$369K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008836	+0.136%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.183%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008825	+0.011%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008848	+0.272%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008848	+0.270%	$34K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−0.397%	$3K	$117K	5.5x
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.336%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0075%	1h	0.008818	−0.062%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008848	+0.270%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0092%	1h	0.008845	+0.238%	$307K	$317K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008844	+0.227%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008848	+0.272%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008842	+0.204%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008846	+0.245%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008841	+0.193%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008830	+0.070%	$36.9M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008829	+0.057%	$23.2M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008824	long leg	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008840	+0.181%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008840	+0.181%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008826	+0.023%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008840	+0.181%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	+0.034%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009043	+2.482%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008843	+0.215%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008860	+0.408%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008831	+0.075%	$182K	$909K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008840	+0.181%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.076%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008824	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008847	+0.261%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.442%	$94K	$103K	50x	as long as short