Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.032%

Price spread now: SunX against Backpack+2.391%7-day average +2.741% · you sell dearer than you buy

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.084%+$8 · spread now +2.391%, 7d avg +2.741%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.350% cheaper against Backpack than usual: you would sell low and buy high (spread +2.391% now, against its 7-day average of +2.741%). If the spread goes back, that is −$35 on $10k: about 6.1 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.079% in total) that is about 31 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.079% in total (about 4.1% 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	0.008742	−0.0091	get 0.0011% / 1h	34m 56s	$312K	$308K	10x
Short	SunX PENGU-USDT	0.008951	0.0100	get 0.0050% / 4h	34m 56s	$2K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.391%Rate

Funding earned: $40.04
Price spread: +2.391% → +2.741%: −$35
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$12.96
Costs to cover: 0.180%
Break-even: 9.3 days

Slippage unknown: Backpack: live order book, 43 min ago; SunX: live order book, 1 min ago. 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, 43 min ago	0.57 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 1 min ago	252.78 bp	doesn't fit	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	−0.0342%	1h	0.008750	+0.089%	$368K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0322%	1h	0.008740	−0.023%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008738	−0.046%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0247%	4h	0.008735	−0.080%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008735	−0.080%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0189%	4h	0.008745	+0.040%	$799K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.538%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERPlong	−0.0091%	1h	0.008742	long leg	$312K	$308K	10x
Nado PENGU-PERP	+0.0001%	1h	0.008741	−0.011%	$697K	$773K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	+0.008%	$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	+0.0032%	1h	0.008751	+0.102%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008746	+0.046%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	−0.011%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008745	+0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008750	+0.090%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008741	−0.011%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008742	+0.003%	$36.3M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008741	−0.011%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	+0.023%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008746	+0.046%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008745	+0.034%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008730	−0.137%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.120%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008759	+0.194%	$80K	$254K	50x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.008951	+2.391%	$2K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008738	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008761	+0.217%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008743	+0.012%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	−0.080%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	−0.056%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008741	−0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008743	+0.011%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.526%	$94K	$103K	50x	as long as short