PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.2828%/8h= −309.7% APRnext payment −$3.53 per $10,000 · paid last 24h −0.627%

Price spread now: Backpack against Coinbase International+0.068%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−1.860%−$186 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.068% dearer against Coinbase International than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$85 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−1.860% in total) that is about 6 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.860% in total (about -97.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008822	0.2928	pay 0.0366% / 1h	31m 26s	$94K	$60K	50x
Short	Backpack PENGU_USDC_PERP	0.008828	0.0100	get 0.0013% / 1h	31m 26s	$293K	$314K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$593.88
Price spread: +0.068% → 0.000%: $6.8
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$607.08
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Backpack: live order book, 27 min ago. Net counts fees only.

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 Coinbase International no order-book sample	—	—	—	—	—
Sell Backpack live order book, 27 min ago	0.57 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.008825	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008834	+0.140%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.374%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0058%	4h	0.008833	+0.125%	$3.3M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008839	+0.193%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008844	+0.249%	$314K	$717K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008838	+0.181%	$23K	$124K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008839	+0.193%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	+0.155%	$122K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008839	+0.193%	$155K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008837	+0.170%	$37.0M	$162.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008834	+0.136%	$23.4M	$39.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008835	+0.147%	$7.4M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.204%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008838	+0.181%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008838	+0.181%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008836	+0.159%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008836	+0.159%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008828	+0.068%	$293K	$314K	10x
Variational Omni PENGU	+0.0100%	4h	0.008716	−1.202%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−0.816%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.385%	$80K	$242K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008833	+0.119%	$594K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009040	+2.471%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008825	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008820	−0.023%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008833	+0.121%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.079%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008836	+0.156%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008794	−0.317%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0363%	1h	0.008833	+0.120%	$346K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0478%	1h	0.008836	+0.163%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0515% / S −0.0584%	1h	0.008834	+0.136%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2928%	1h	0.008822	long leg	$94K	$60K	50x