Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.032%

Price spread now: Aster against Backpack−0.209%45s7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.459% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now −0.209%, 7d avg +0.050%

Together, before fees+0.263%+ Points / potential airdropAster: Stage 5 · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.259% cheaper against Backpack than usual: you would sell low and buy high (spread −0.209% now, against its 7-day average of +0.050%). If the spread goes back, that is −$26 on $10k: about 55 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.075% in total) that is about 24 days. The two prices were read 45 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	Backpack PENGU_USDC_PERP	0.008799	0.0084	pay 0.0011% / 1h	3m 22s	$314K	$309K	10x
Short	Aster PENGUUSDT	0.008781	0.0100	get 0.0050% / 4h	1h 03m	$190K	$467K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.209%Rate

Funding earned: $3.32
Price spread: −0.209% → +0.050%: −$25.88
Slippage, 4 orders: −$27.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$68.48
Costs to cover: 0.459%
Break-even: 151.3 days

Slippage from Backpack: live order book, 15 min ago; Aster: live order book, 14 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 Backpack live order book, 15 min ago	0.57 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 14 min ago	5.12 bp	11.6 bp −$12	57.5 bp −$575	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
Kraken Futures PF_PENGUUSD	−0.0607%	1h	0.008786	−0.151%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0320%	1h	0.008774	−0.284%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0278%	4h	0.008771	−0.318%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0200%	4h	0.008767	−0.364%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008782	−0.193%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	−0.167%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008774	−0.279%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.114%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008774	−0.278%	$683K	$759K	5x	as long as short
Backpack PENGU_USDC_PERPlong	+0.0084%	1h	0.008799	long leg	$314K	$309K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008798	−0.011%	$309K	$736K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.295%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008774	−0.284%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008781	−0.209%	$190K	$467K	20x
Pacifica PENGU	+0.0100%	1h	0.008798	−0.011%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008771	−0.316%	$36.5M	$153.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	−0.341%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008772	−0.307%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	−0.261%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008777	−0.250%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008763	−0.409%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	−0.051%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	−0.148%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.387%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	−0.273%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	−0.102%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.315%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.273%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0128%	1h	0.008804	+0.060%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008771	−0.319%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008793	−0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008774	−0.284%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.307%	$95K	$105K	50x	as long as short