Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: Binance against Backpack−0.125%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$410.405% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.125%, 7d avg +0.007%

Together, before fees+0.164%+$16 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: Binance is 0.132% cheaper against Backpack than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008833	0.0100	pay 0.0013% / 1h	41m 46s	$315K	$309K	10x
Short	Binance PENGUUSDT	0.008822	0.0100	get 0.0050% / 4h	1h 41m	$36.5M	$151.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.125%Rate

Funding earned: $0
Price spread: −0.125% → +0.007%: −$13.18
Slippage, 4 orders: −$20.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$53.69
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; Binance: live order book, 1 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, 42 min ago	0.57 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	0.57 bp	7.8 bp −$8	19.1 bp −$191	64.8 bp −$6,480	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	−0.0603%	1h	0.008841	+0.094%	$373K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0310%	4h	0.008826	−0.079%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008833	0.000%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008832	−0.011%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0050%	4h	0.008814	−0.215%	$22.9M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008835	+0.026%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.336%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0096%	1h	0.008828	−0.057%	$683K	$757K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008823	−0.113%	$302K	$726K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008829	−0.045%	$8.8M	$15.0M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008835	+0.025%	$175K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008824	−0.102%	$149K	$236K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008822	−0.125%	$36.5M	$151.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008824	−0.102%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008832	−0.011%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008831	−0.023%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	−0.091%	$8.4M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008817	−0.181%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008833	long leg	$315K	$309K	10x
Variational Omni PENGU	+0.0100%	4h	0.008772	−0.694%	$801K	$735K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008809	−0.272%	$461K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008809	−0.272%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008833	0.000%	$24K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009045	+2.400%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008829	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008846	+0.147%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.125%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008829	−0.045%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0151%	1h	0.008833	0.000%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008831	−0.023%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008824	−0.102%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008836	+0.034%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008859	+0.294%	$93K	$103K	50x	as long as short