Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Backpack against BingX−0.126%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.126%, 7d avg −0.016%

Together, before fees+0.021%+$2 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 0.110% cheaper against BingX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.008747	0.0100	pay 0.0050% / 4h	2h 32m	—	$3.7M	—
Short	Backpack PENGU_USDC_PERP	0.008736	0.0100	get 0.0013% / 1h	32m 36s	$288K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.126%Rate

Funding earned: $0
Price spread: −0.126% → −0.016%: −$10.96
Slippage, 4 orders: −$18.19
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.15
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Backpack: live order book, 16 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 BingX live order book, 2 min ago	0.57 bp	6.9 bp −$7	14.5 bp −$145	47.4 bp −$4,743	367.1 bp −$183.5K
Sell Backpack live order book, 16 min ago	0.57 bp	11.6 bp −$12	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008733	−0.160%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008730	−0.199%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.480%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008755	+0.091%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008742	−0.057%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008755	+0.091%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008753	+0.070%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008750	+0.034%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008754	+0.080%	$36.9M	$176.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008743	−0.046%	$23.2M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	−0.080%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.034%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008748	+0.011%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008749	+0.023%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008748	+0.011%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008756	+0.103%	$8.3M	$13.3M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008747	long leg	—	$3.7M	—
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008736	−0.126%	$288K	$339K	10x
Variational Omni PENGU	+0.0100%	4h	0.008760	+0.150%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.367%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	+0.823%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008734	−0.149%	$22K	$162K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008941	+2.218%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008733	−0.160%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008752	+0.057%	$90K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008748	+0.007%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−0.252%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0173%	1h	0.008747	+0.003%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008757	+0.114%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008730	−0.194%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008740	−0.083%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	+0.034%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0462%	1h	0.008728	−0.217%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.892%	$78K	$76K	50x	as long as short