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: Bitget against Backpack+0.034%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$500.499% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now +0.034%, 7d avg +0.060%

Together, before fees+0.135%+$14 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: Bitget is 0.026% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008815	0.0100	pay 0.0013% / 1h	51m 57s	$302K	$323K	10x
Short	Bitget PENGUUSDT	0.008818	0.0100	get 0.0050% / 4h	2h 51m	$8.3M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.060%: −$2.57
Slippage, 4 orders: −$27.91
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$52.47
Costs to cover: 0.499%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Bitget: live order book, 2 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, 16 min ago	0.56 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.71 bp	13.2 bp −$13	35.7 bp −$357	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	−0.386%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0255%	1h	0.008842	+0.312%	$517K	$902K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−1.223%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0080%	4h	0.008815	0.000%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008814	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S +0.0001%	1h	0.008816	+0.010%	$22K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008837	+0.250%	$202	$64	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.295%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008823	+0.088%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008817	+0.023%	$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	0.008813	−0.023%	$19K	$179K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008818	+0.034%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008818	+0.030%	$169K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008826	+0.125%	$152K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008821	+0.074%	$37.3M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008811	−0.045%	$22.9M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008814	−0.011%	$7.5M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.284%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008817	+0.023%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008815	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008818	+0.034%	$8.3M	$12.6M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008807	−0.091%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008815	long leg	$302K	$323K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008735	−0.911%	$463K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.428%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008813	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008836	+0.238%	$90K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008812	−0.031%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008813	−0.023%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008819	+0.047%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	+0.020%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008809	−0.068%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008816	+0.011%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.724%	$95K	$104K	50x	as long as short