Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.017%

Price spread now: Gate against Backpack−0.192%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.256%+$26 · spread now −0.192%, 7d avg +0.010%

Together, before fees+0.221%+$22 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: Gate is 0.202% cheaper against Backpack than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008862	0.0100	pay 0.0013% / 1h	6m 29s	$295K	$326K	10x
Short	Gate PENGU_USDT	0.008845	0.0096	get 0.0048% / 4h	6m 29s	$3.3M	$15.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.192%Rate

Funding earned: −$0.84
Price spread: −0.192% → +0.010%: −$20.17
Slippage, 4 orders: −$50.56
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$96.57
Costs to cover: 0.756%
Break-even: never at this rate

Slippage from Backpack: live order book, 52 min ago; Gate: 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, 52 min ago	0.57 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.95 bp	17.3 bp −$17	47.1 bp −$471	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008867	+0.056%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008859	−0.036%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.824%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008852	−0.113%	$315K	$720K	8x	as long as short
Gate PENGU_USDTshort	+0.0096%	4h	0.008845	−0.192%	$3.3M	$15.9M	75x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008864	+0.023%	$23K	$99K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008853	−0.102%	$595K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008860	−0.023%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008848	−0.159%	$119K	$598K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008848	−0.158%	$156K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008847	−0.169%	$37.0M	$165.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008842	−0.226%	$23.4M	$39.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008842	−0.226%	$7.5M	$47.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.135%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008859	−0.034%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008858	−0.045%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008863	+0.011%	$8.6M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008840	−0.248%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008862	long leg	$295K	$326K	10x
Variational Omni PENGU	+0.0100%	4h	0.008865	+0.032%	$920K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008916	+0.610%	$465K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008901	+0.440%	$81K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009079	+2.449%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008863	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008885	+0.260%	$92K	$376K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008844	−0.208%	$183K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008860	−0.023%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008846	−0.181%	$202	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008854	−0.088%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008869	+0.079%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0361%	1h	0.008871	+0.105%	$348K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0455%	1h	0.008851	−0.127%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0572%	1h	0.008862	0.000%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.009018	+1.760%	$97K	$63K	50x	as long as short