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% APRpaid last 24h −0.025%

Price spread now: Backpack against Aster−0.180%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.180%, 7d avg −0.050%

Together, before fees+0.054%+ Points / potential airdropAster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.130% cheaper against Aster than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENGUUSDT	0.008831	0.0100	pay 0.0050% / 4h	2h 52m	$170K	$485K	20x
Short	Backpack PENGU_USDC_PERP	0.008815	0.0100	get 0.0013% / 1h	52m 26s	$302K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.180%Rate

Funding earned: $0
Price spread: −0.180% → −0.050%: −$12.97
Slippage, 4 orders: −$26.98
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$57.95
Costs to cover: 0.450%
Break-even: never at this rate

Slippage from Aster: live order book, 15 min ago; Backpack: live order book, 16 min ago.

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 Aster live order book, 15 min ago	4.47 bp	10.9 bp −$11	150.4 bp −$1,504	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.56 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit

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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	−0.565%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0255%	1h	0.008842	+0.132%	$517K	$902K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−1.401%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0080%	4h	0.008828	−0.032%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008799	−0.361%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008791	−0.453%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008837	+0.070%	$202	$64	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.474%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008823	−0.091%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008825	−0.066%	$306K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008795	−0.406%	$19K	$179K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008837	+0.070%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.008831	long leg	$170K	$485K	20x
Pacifica PENGU	+0.0100%	1h	0.008826	−0.055%	$152K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008847	+0.182%	$37.4M	$156.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008838	+0.081%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008834	+0.036%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008833	+0.024%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008831	+0.002%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	−0.112%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008824	−0.078%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008815	−0.180%	$302K	$323K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008735	−1.089%	$463K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009000	+1.915%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	−0.327%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008802	−0.327%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008832	+0.010%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−0.406%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008812	−0.213%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.159%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008809	−0.248%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0675%	1h	0.008785	−0.519%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.542%	$95K	$104K	50x	as long as short