PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h +0.111%

Price spread now: Injective against Backpack−0.091%7-day average −0.719% · you buy dearer than you sell

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

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.279%+$28 on $10k

Price spread, last 4 days (all we have)−0.367%−$37 · spread now −0.091%, 7d avg −0.719%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.629% dearer against Backpack than usual: you sell high and buy low (spread −0.091% now, against its 7-day average of −0.719%): +$63 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 days. Mind the row above: over the last 7 days funding on this pair paid +0.279%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008797	0.0100	pay 0.0013% / 1h	21m 13s	$300K	$293K	10x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	21m 13s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.091%Rate

Funding earned: −$14
Price spread: −0.091% → −0.719%: $62.85
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $38.83
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 42 min ago; Injective: 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, 42 min ago	1.14 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
01 Exchange PENGUUSD	−0.0040%	1h	0.008813	+0.182%	$202	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008798	+0.011%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0006%	4h	0.008800	+0.034%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008802	+0.054%	$32K	—	150x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−0.091%	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008803	+0.068%	$313K	$711K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008799	+0.023%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008809	+0.142%	$591K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008802	+0.057%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008811	+0.159%	$122K	$578K	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	0.008805	+0.091%	$155K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008800	+0.035%	$36.7M	$160.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.011%	$23.3M	$38.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	+0.023%	$7.4M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.148%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008800	+0.034%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008804	+0.080%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	+0.057%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008802	+0.057%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008797	long leg	$300K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008728	−0.788%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.229%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008781	−0.182%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009020	+2.535%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008798	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.239%	$92K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008794	−0.031%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.080%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0225%	1h	0.008798	+0.008%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008803	+0.070%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008803	+0.068%	$1.5M	$3.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0557% / S −0.0662%	1h	0.008800	+0.034%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0646%	1h	0.008804	+0.079%	$353K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.932%	$95K	$94K	50x	as long as short