Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.102%

Price spread now: BloFin against Backpack−0.651%66s7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs+$9as 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−$450.448% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.540%+$54 on $10k

Price spread, last 3 days (all we have)+0.810%+$81 · spread now −0.651%, 7d avg +0.033%

Together, before fees+1.350%+$135 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.684% cheaper against Backpack than usual: you would sell low and buy high (spread −0.651% now, against its 7-day average of +0.033%). If the spread goes back, that is −$68 on $10k: about 9.5 days of funding at the current rate (+$7 a day). The two prices were read 66 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	0.008761	0.0100	pay 0.0013% / 1h	55m 39s	$312K	$312K	10x
Short	BloFin PENGU-USDT	0.008704	0.0340	get 0.0170% / 4h	1h 55m	$1.5M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.651%Rate

Funding earned: $50.4
Price spread: −0.651% → +0.033%: −$68.4
Slippage, 4 orders: −$22.78
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$62.78
Costs to cover: 0.448%
Break-even: 15.7 days

Slippage from Backpack: live order book, 28 min ago; BloFin: live order book, 3 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, 28 min ago	0.57 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	2.88 bp	9.7 bp −$10	17.2 bp −$172	48.7 bp −$4,873	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	−0.0609%	1h	0.008762	+0.011%	$387K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0280%	4h	0.008763	+0.023%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0207%	1h	0.008758	−0.034%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008739	−0.251%	$200	$59	5x	as long as short
Nado PENGU-PERP	−0.0061%	1h	0.008738	−0.265%	$679K	$757K	5x	as long as short
Bybit PENGUUSDT	−0.0011%	4h	0.008761	0.000%	$22.8M	$36.0M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008765	+0.047%	$12K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008758	−0.030%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.525%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008770	+0.103%	$300K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008766	+0.057%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008763	+0.020%	$173K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	+0.091%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008769	+0.093%	$36.2M	$151.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008763	+0.023%	$7.7M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.103%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008771	+0.114%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008771	+0.114%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008771	+0.114%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008750	−0.126%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008761	long leg	$312K	$312K	10x
Variational Omni PENGU	+0.0100%	4h	0.008657	−1.185%	$800K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008664	−1.106%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008668	−1.062%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008758	−0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008969	+2.374%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008755	−0.068%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	−0.023%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008763	+0.024%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008754	−0.080%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008740	−0.245%	$295	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008704	−0.651%	$1.5M	$2.7M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0703%	1h	0.008761	0.000%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.514%	$92K	$99K	50x	as long as short