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: HTX against Backpack−0.023%52s7-day average +0.293% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$770.772% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 3 days (all we have)+0.305%+$31 · spread now −0.023%, 7d avg +0.293%

Together, before fees+0.602%+$60 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: HTX is 0.316% cheaper against Backpack than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.293%. The two prices were read 52 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	0.008833	0.0100	pay 0.0013% / 1h	7m 22s	$303K	$297K	10x
Short	HTX PENGU-USDT	0.008831	0.0100	get 0.0050% / 4h	2h 07m	$94K	$337K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → +0.293%: −$31.56
Slippage, 4 orders: −$55.15
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$108.71
Costs to cover: 0.772%
Break-even: never at this rate

Slippage from Backpack: live order book, 61 min ago; HTX: live order book, 60 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, 61 min ago	0.56 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 60 min ago	10.05 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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	0.008823	−0.113%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	−0.142%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.498%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0086%	4h	0.008814	−0.215%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	−0.068%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008813	−0.226%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008819	−0.158%	$19K	$161K	20x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008820	−0.148%	$876K	$999K	—	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008812	−0.238%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008816	−0.195%	$141K	$520K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008825	−0.091%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008824	−0.106%	$37.5M	$157.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008815	−0.204%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008819	−0.158%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	−0.260%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008815	−0.204%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008812	−0.238%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008824	−0.102%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008808	−0.283%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008833	long leg	$303K	$297K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.451%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008793	−0.453%	$80K	$244K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008806	−0.300%	$594K	$990K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009030	+2.230%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008831	−0.023%	$94K	$337K	25x
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.119%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.204%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008834	+0.006%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.213%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0334%	1h	0.008815	−0.201%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008820	−0.147%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.517%	$95K	$94K	50x	as long as short