Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.025%

Price spread now: Backpack against Binance−0.113%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 4 days (all we have)+0.115%+$12 · spread now −0.113%, 7d avg −0.005%

Together, before fees+0.050%+$5 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: Backpack is 0.108% cheaper against Binance than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008835	0.0100	pay 0.0050% / 4h	2h 51m	$37.4M	$156.9M	75x
Short	Backpack PENGU_USDC_PERP	0.008825	0.0100	get 0.0013% / 1h	51m 04s	$302K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.113%Rate

Funding earned: $0
Price spread: −0.113% → −0.005%: −$10.79
Slippage, 4 orders: −$22.24
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$53.03
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Backpack: live order book, 17 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 Binance live order book, 7 min ago	0.57 bp	8.7 bp −$9	17.5 bp −$175	70.0 bp −$7,004	doesn't fit
Sell Backpack live order book, 17 min ago	0.56 bp	13.2 bp −$13	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
ApeX Omni PENGUUSDT	−0.0499%	1h	0.008806	−0.328%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0215%	1h	0.008820	−0.170%	$515K	$903K	5x	as long as short
Gate PENGU_USDT	−0.0094%	4h	0.008822	−0.147%	$3.4M	$15.3M	75x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	−0.214%	$873K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008827	−0.091%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	−0.130%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.521%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008826	−0.102%	$202	$64	5x	as long as short
dYdX PENGU-USD	+0.0073%	1h	0.008816	−0.220%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008831	−0.045%	$307K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008826	−0.102%	$19K	$178K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008829	−0.068%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008826	−0.102%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008810	−0.283%	$152K	$240K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008835	long leg	$37.4M	$156.9M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008827	−0.091%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008831	−0.045%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.170%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008826	−0.102%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008824	−0.125%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008828	−0.079%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008813	−0.249%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008825	−0.113%	$302K	$323K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008818	−0.194%	$467K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009042	+2.343%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008826	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008821	−0.158%	$90K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	−0.131%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008824	−0.125%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008835	0.000%	$365K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.200%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008826	−0.102%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008823	−0.136%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.494%	$95K	$104K	50x	as long as short