Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.019%

Price spread now: Orderly against Backpack+0.069%7-day average +0.006% · you sell dearer than you buy

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.069%, 7d avg +0.006%

Together, before fees+0.144%+$14 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: Orderly is 0.063% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008699	0.0100	pay 0.0013% / 1h	45m 37s	$298K	$276K	10x
Short	Orderly PERP_PENGU_USDC	0.008705	0.0099	get 0.0050% / 4h	1h 45m	$23K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.069%Rate

Funding earned: −$0.2
Price spread: +0.069% → +0.006%: $6.31
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$9.89
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 18 min ago; Orderly: 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, 18 min ago	1.14 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008707	+0.092%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008708	+0.098%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0008%	1h	0.008687	−0.138%	$199	$64	5x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008715	+0.184%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.035%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008706	+0.080%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008705	+0.069%	$23K	$165K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008699	+0.006%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008697	−0.023%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008699	0.000%	$128K	$573K	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	0.008706	+0.080%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008707	+0.092%	$36.5M	$159.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008708	+0.103%	$23.2M	$38.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008714	+0.172%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.241%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008703	+0.046%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008707	+0.092%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008718	+0.218%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008709	+0.115%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008699	long leg	$298K	$276K	10x
Variational Omni PENGU	+0.0100%	4h	0.008701	+0.023%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008772	+0.842%	$459K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008708	+0.103%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008908	+2.403%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008695	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.299%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008716	+0.198%	$182K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008702	+0.034%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0219%	1h	0.008704	+0.062%	$11K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008704	+0.054%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008684	−0.172%	—	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008709	+0.115%	$118K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0653%	1h	0.008709	+0.113%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+3.081%	$95K	$94K	50x	as long as short