Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.030%

Price spread now: Backpack against Bitget−0.069%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.069%, 7d avg −0.064%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.064%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008699	0.0100	pay 0.0050% / 4h	2h 19m	$8.2M	$12.5M	75x
Short	Backpack PENGU_USDC_PERP	0.008693	0.0022	get 0.0003% / 1h	19m 08s	$310K	$314K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$16.35
Price spread: −0.069% → −0.064%: −$0.55
Slippage, 4 orders: −$28.62
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$67.51
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Backpack: live order book, 4 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 Bitget live order book, 4 min ago	1.15 bp	14.9 bp −$15	22.7 bp −$227	63.9 bp −$6,389	doesn't fit
Sell Backpack live order book, 4 min ago	0.57 bp	9.8 bp −$10	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	−0.0550%	1h	0.008705	+0.068%	$387K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008701	+0.023%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0262%	4h	0.008699	0.000%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.184%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	+0.204%	$12K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008704	+0.058%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008705	+0.069%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERPshort	+0.0022%	1h	0.008693	−0.069%	$310K	$314K	10x
Bybit PENGUUSDT	+0.0034%	4h	0.008689	−0.115%	$22.6M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008699	0.000%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008709	+0.115%	$676K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008710	+0.126%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008708	+0.106%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008708	+0.103%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008693	−0.068%	$36.0M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008695	−0.046%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	+0.126%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008695	−0.046%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008700	+0.011%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008699	long leg	$8.2M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008693	−0.069%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	+0.115%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	+0.023%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.218%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008703	+0.046%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008912	+2.449%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008695	−0.046%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.299%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008697	−0.027%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	+0.011%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008702	+0.038%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008703	+0.046%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008703	+0.046%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.333%	$94K	$97K	50x	as long as short