PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.010%

Price spread now: Lighter against Backpack+0.133%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$520.521% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.133%, 7d avg +0.067%

Together, before fees0.000%+ Points / potential airdropLighter: Season 3 · farm board$0 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: Lighter is 0.066% dearer against Backpack than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.009040	0.0100	pay 0.0013% / 1h	8m 10s	$295K	$368K	10x
Short	Lighter PENGU	0.009052	0.0096	get 0.0012% / 1h	8m 10s	$325K	$771K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$0.84
Price spread: +0.133% → +0.067%: $6.58
Slippage, 4 orders: −$42.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$46.32
Costs to cover: 0.521%
Break-even: never at this rate

Slippage from Backpack: live order book, 35 min ago; Lighter: live order book, 32 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, 35 min ago	2.20 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 32 min ago	5.52 bp	10.1 bp −$10	77.1 bp −$771	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009045	+0.053%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.777%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009052	+0.133%	$325K	$771K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009041	+0.011%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009048	+0.092%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	−0.033%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009044	+0.046%	$39.5M	$189.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009034	−0.066%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009040	0.000%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	0.000%	$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	0.009037	−0.033%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009045	+0.055%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009043	+0.033%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009049	+0.100%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009042	+0.022%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009040	long leg	$295K	$368K	10x
Variational Omni PENGU	+0.0100%	4h	0.009045	+0.053%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+0.166%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+0.188%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009046	+0.066%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009266	+2.500%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009046	+0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+0.177%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009043	+0.033%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009043	+0.033%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0208%	1h	0.009052	+0.133%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009044	+0.046%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0303%	1h	0.009051	+0.122%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009038	−0.022%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.122%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009045	+0.055%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0564%	1h	0.009043	+0.035%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0674%	1h	0.009051	+0.121%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+1.051%	$80K	$70K	50x	as long as short