PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0019%/8h= +2.1% APRnext payment +$0.02 per $10,000 · paid last 24h +0.032%

Price spread now: Pacifica against Backpack+0.274%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 4 days (all we have)−0.270%−$27 · spread now +0.274%, 7d avg +0.032%

Together, before fees−0.191%+ Points / potential airdropPacifica: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Pacifica is 0.241% dearer against Backpack than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008774	0.0081	pay 0.0010% / 1h	2m 48s	$313K	$309K	10x
Short	Pacifica PENGU	0.008798	0.0100	get 0.0013% / 1h	2m 48s	$152K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.274%Rate

Funding earned: $4.01
Price spread: +0.274% → +0.032%: $24.14
Slippage, 4 orders: −$31.5
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$21.35
Costs to cover: 0.495%
Break-even: 44.3 days

Slippage from Backpack: live order book, 16 min ago; Pacifica: live order book, 15 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, 16 min ago	0.57 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 15 min ago	2.84 bp	16.6 bp −$17	doesn't fit	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	−0.0607%	1h	0.008786	+0.134%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0320%	1h	0.008774	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0278%	4h	0.008774	0.000%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0200%	4h	0.008773	−0.011%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008782	+0.091%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	+0.118%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008774	+0.005%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.171%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008774	+0.006%	$683K	$759K	5x	as long as short
Backpack PENGU_USDC_PERPlong	+0.0081%	1h	0.008774	long leg	$313K	$309K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008786	+0.137%	$308K	$736K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.011%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008780	+0.068%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008783	+0.105%	$190K	$467K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008798	+0.274%	$152K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008778	+0.046%	$36.5M	$153.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008776	+0.023%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.296%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008778	+0.046%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008777	+0.034%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	+0.125%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008776	+0.023%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.234%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008786	+0.137%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.678%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	+0.011%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.182%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008776	+0.026%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	+0.011%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0128%	1h	0.008804	+0.345%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008771	−0.035%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008775	+0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008774	0.000%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.596%	$95K	$105K	50x	as long as short