PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0268%/8h= +29.4% APRnext payment +$0.34 per $10,000 · paid last 24h +0.126%

Price spread now: GMX against Backpack+0.022%75s7-day average +0.056% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.324%+$32 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now +0.022%, 7d avg +0.056%

Together, before fees+0.374%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.034% cheaper against Backpack than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.056%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$8 a day). The two prices were read 75 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	0.009048	0.0100	pay 0.0013% / 1h	8m 39s	$296K	$368K	10x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.009050	L +0.0443% / S −0.0368%	get 0.0046% / 1h	8m 39s	$107K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.022%Rate

Funding earned: $56.35
Price spread: +0.022% → +0.056%: −$3.37
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $30.98
Costs to cover: 0.220%
Break-even: 3.2 days

Slippage unknown: Backpack: live order book, 35 min ago; GMX: no order-book sample. Net counts fees only.

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, 35 min ago	2.20 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009051	+0.035%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.863%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009045	−0.033%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009051	+0.039%	$638K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009047	−0.011%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	−0.122%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009038	−0.108%	$39.4M	$189.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009027	−0.232%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009029	−0.210%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	−0.088%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009033	−0.166%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009035	−0.144%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009044	−0.044%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009038	−0.111%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009030	−0.199%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009048	long leg	$296K	$368K	10x
Variational Omni PENGU	+0.0100%	4h	0.009045	−0.035%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+0.078%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+0.099%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009053	+0.055%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009276	+2.520%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009054	+0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009063	+0.166%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009031	−0.191%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009050	+0.022%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0212%	1h	0.009049	+0.011%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009048	−0.004%	$306	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0302%	1h	0.009058	+0.111%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009060	+0.133%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.033%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0443% / S −0.0368%	1h	0.009050	+0.022%	$107K	—	100x
dYdX PENGU-USD	+0.0564%	1h	0.009043	−0.054%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009060	+0.130%	$337K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.962%	$80K	$70K	50x	as long as short