Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.025%

Price spread now: Backpack against Arcus+0.136%7-day average — · you sell dearer than you buy

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

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.136% dearer against Arcus than usual: you sell high and buy low, +$14 on $10k if it 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	Arcus PENGU-USD	0.008820	0.0100	pay 0.0013% / 1h	11m 16s	$19K	$24K	5x
Short	Backpack PENGU_USDC_PERP	0.008832	0.0100	get 0.0013% / 1h	11m 16s	$303K	$300K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now +0.136%Rate

Funding earned: $0
Price spread: +0.136% → 0.000%: $13.61
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.89
Costs to cover: 0.145%
Break-even: never at this rate

Slippage unknown: Arcus: no order-book sample; Backpack: live order book, 57 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 Arcus no order-book sample	—	—	—	—	—
Sell Backpack live order book, 57 min ago	0.56 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit

Arcus: 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 33 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	0.008837	+0.193%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	+0.031%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.351%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0078%	4h	0.008819	−0.011%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0090%	4h	0.008784	−0.410%	$874K	$999K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008847	+0.306%	$314K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008822	+0.023%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008839	+0.215%	$19K	$161K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.023%	$8.2M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008822	+0.027%	$143K	$516K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008826	+0.068%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008840	+0.222%	$37.6M	$158.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008834	+0.159%	$23.2M	$38.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008839	+0.215%	$7.6M	$47.8M	50x	as long as short
Arcus PENGU-USDlong	+0.0100%	1h	0.008820	long leg	$19K	$24K	5x
MEXC PENGU_USDT	+0.0100%	4h	0.008839	+0.215%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.136%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008839	+0.215%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008821	+0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008832	+0.136%	$303K	$300K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008810	−0.114%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008800	−0.227%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	+0.011%	$595K	$994K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009036	+2.449%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008841	+0.238%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008853	+0.374%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008840	+0.230%	$185K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008831	+0.125%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008849	+0.328%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.015%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0333%	1h	0.008830	+0.110%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008825	+0.057%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.667%	$95K	$94K	50x	as long as short