Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack+0.034%45s7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$630.626% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.034%, 7d avg −0.033%

Together, before fees−0.295%−$29 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: Bybit is 0.068% dearer against Backpack than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.033%. 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	0.008730	0.0100	pay 0.0013% / 1h	57m 29s	$298K	$293K	10x
Short	Bybit PENGUUSDT	0.008733	0.0100	get 0.0050% / 4h	57m 29s	$23.1M	$39.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → −0.033%: $6.77
Slippage, 4 orders: −$41.65
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.87
Costs to cover: 0.626%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Bybit: 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, 1 min ago	0.57 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.57 bp	10.8 bp −$11	23.8 bp −$238	117.0 bp −$11.7K	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
Gate PENGU_USDT	−0.0006%	4h	0.008726	−0.046%	$3.3M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008734	+0.046%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008735	+0.054%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.676%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008711	−0.218%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008716	−0.160%	$310K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008737	+0.080%	$23K	$137K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008718	−0.132%	$584K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008730	0.000%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008715	−0.175%	$120K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008709	−0.241%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008732	+0.020%	$36.3M	$161.1M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008733	+0.034%	$23.1M	$39.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008735	+0.057%	$7.3M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.229%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008726	−0.046%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008723	−0.080%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008729	−0.011%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008728	−0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008730	long leg	$298K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008730	−0.003%	$867K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.120%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008735	+0.057%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.623%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008734	+0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008750	+0.229%	$91K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008704	−0.292%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008730	0.000%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008725	−0.060%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008740	+0.115%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008743	+0.145%	$342K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0369%	1h	0.008713	−0.195%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008733	+0.034%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.715%	$95K	$61K	50x	as long as short