Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Bybit+0.011%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.195%+$20 · spread now +0.011%, 7d avg +0.033%

Together, before fees+0.249%+$25 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 0.022% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008796	0.0100	pay 0.0050% / 4h	1h 21m	$23.3M	$38.9M	75x
Short	Backpack PENGU_USDC_PERP	0.008797	0.0100	get 0.0013% / 1h	21m 07s	$300K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.033%: −$2.2
Slippage, 4 orders: −$28.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.65
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 42 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 Bybit live order book, 3 min ago	0.57 bp	11.6 bp −$12	28.5 bp −$285	doesn't fit	doesn't fit
Sell Backpack live order book, 42 min ago	1.14 bp	11.4 bp −$11	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008813	+0.193%	$202	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008798	+0.023%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0006%	4h	0.008800	+0.045%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008802	+0.066%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.080%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008803	+0.080%	$313K	$711K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008799	+0.034%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008809	+0.153%	$591K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008802	+0.068%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008811	+0.170%	$122K	$578K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008805	+0.102%	$155K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008800	+0.046%	$36.7M	$160.3M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008796	long leg	$23.3M	$38.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	+0.034%	$7.4M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008800	+0.045%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008804	+0.091%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	+0.068%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008802	+0.068%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008797	+0.011%	$300K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008728	−0.776%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.217%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008781	−0.171%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009020	+2.547%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008798	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.250%	$92K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008794	−0.020%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.068%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0225%	1h	0.008798	+0.020%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008803	+0.082%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008803	+0.080%	$1.5M	$3.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0557% / S −0.0662%	1h	0.008800	+0.045%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0646%	1h	0.008804	+0.091%	$353K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.944%	$95K	$94K	50x	as long as short