Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0219%/8h= +23.9% APRpaid last 24h +0.032%

Price spread now: KuCoin against Backpack+0.034%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$620.617% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.034%, 7d avg +0.037%

Together, before fees+0.077%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.073% in total (about 3.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008743	−0.0119	get 0.0015% / 1h	30m 12s	$311K	$313K	10x
Short	KuCoin PENGUUSDTM	0.008746	0.0100	get 0.0050% / 4h	30m 12s	$4.7M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.034%Rate

Funding earned: $45.93
Price spread: +0.034% → +0.037%: −$0.27
Slippage, 4 orders: −$39.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$16.07
Costs to cover: 0.617%
Break-even: 9.4 days

Slippage from Backpack: live order book, 48 min ago; KuCoin: live order book, 3 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, 48 min ago	0.57 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.14 bp	16.8 bp −$17	51.2 bp −$512	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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008749	+0.071%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0270%	4h	0.008739	−0.046%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0268%	4h	0.008736	−0.080%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008741	−0.023%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−0.040%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERPlong	−0.0119%	1h	0.008743	long leg	$311K	$313K	10x
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.526%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008746	+0.034%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0004%	1h	0.008741	−0.017%	$694K	$774K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008748	+0.055%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0027%	1h	0.008750	+0.083%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008747	+0.048%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008745	+0.023%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008747	+0.046%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008745	+0.023%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008750	+0.084%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008746	+0.034%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008743	−0.001%	$36.2M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008744	+0.011%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008743	0.000%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008746	+0.034%	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008750	+0.080%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008742	−0.011%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008754	+0.126%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008958	+2.459%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008742	−0.011%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008762	+0.217%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008742	−0.012%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	−0.034%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008742	−0.016%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008748	+0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008747	+0.046%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.515%	$94K	$103K	50x	as long as short