Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.101%

Price spread now: Backpack against BloFin−0.764%66s7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.558% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.551%−$55 on $10k

Price spread, last 3 days (all we have)+0.708%+$71 · spread now −0.764%, 7d avg −0.033%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.731% cheaper against BloFin than usual: you would sell low and buy high (−$73 if the spread goes back to its 7-day average of −0.033%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008772	0.0340	pay 0.0170% / 4h	2h 55m	$1.5M	$3.2M	75x
Short	Backpack PENGU_USDC_PERP	0.008705	0.0100	get 0.0013% / 1h	55m 49s	$298K	$327K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.764%Rate

Funding earned: −$50.4
Price spread: −0.764% → −0.033%: −$73.13
Slippage, 4 orders: −$33.76
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$179.29
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Backpack: live order book, 13 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 BloFin live order book, 7 min ago	9.61 bp	16.5 bp −$17	24.9 bp −$249	71.8 bp −$7,183	doesn't fit
Sell Backpack live order book, 13 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
Nado PENGU-PERP	−0.0121%	1h	0.008723	−0.559%	$520K	$899K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−0.739%	$863K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0094%	1h	0.008714	−0.661%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0082%	4h	0.008725	−0.536%	$3.4M	$15.3M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008715	−0.645%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0024%	1h	0.008722	−0.570%	$200	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.194%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008726	−0.524%	$303K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008712	−0.684%	$19K	$178K	20x	as long as short
dYdX PENGU-USD	+0.0100%	1h	0.008724	−0.552%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008721	−0.581%	$8.2M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008724	−0.545%	$168K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008729	−0.490%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008728	−0.506%	$36.9M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008734	−0.433%	$22.8M	$37.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008735	−0.422%	$7.5M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.707%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008730	−0.479%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008719	−0.604%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008721	−0.581%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008710	−0.707%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008705	−0.764%	$298K	$327K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008785	+0.150%	$459K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008794	+0.251%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008931	+1.813%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008715	−0.650%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008747	−0.285%	$90K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008718	−0.616%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008713	−0.673%	$201K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0212%	1h	0.008718	−0.617%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008721	−0.584%	$294	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008772	long leg	$1.5M	$3.2M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008715	−0.650%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.223%	$95K	$104K	50x	as long as short