Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Backpack against GRVT−0.343%7-day average +0.002% · 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−$93as in the Price arb table

costs, in and out, $10k−$580.581% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now −0.343%, 7d avg +0.002%

Together, before fees+0.274%+ Points / potential airdropGRVT: Active · farm board+$27 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 0.345% cheaper against GRVT than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008785	0.0100	pay 0.0050% / 4h	2h 56m	$459K	$2.0M	10x
Short	Backpack PENGU_USDC_PERP	0.008755	0.0100	get 0.0013% / 1h	56m 59s	$300K	$327K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.343%Rate

Funding earned: $0
Price spread: −0.343% → +0.002%: −$34.49
Slippage, 4 orders: −$39.08
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$92.57
Costs to cover: 0.581%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Backpack: live order book, 11 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 GRVT live order book, 2 min ago	3.42 bp	19.4 bp −$19	35.9 bp −$359	doesn't fit	doesn't fit
Sell Backpack live order book, 11 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	−0.0347%	1h	0.008790	+0.056%	$534K	$893K	5x	as long as short
Variational Omni PENGU	−0.0119%	4h	0.008792	+0.078%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0096%	4h	0.008747	−0.434%	$3.4M	$15.2M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008778	−0.081%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008783	−0.023%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008794	+0.101%	$201	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.044%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0093%	1h	0.008790	+0.051%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008778	−0.081%	$305K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0098%	4h	0.008778	−0.081%	$19K	$178K	20x	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	0.008753	−0.366%	$8.2M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008778	−0.076%	$169K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008790	+0.056%	$152K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008750	−0.403%	$37.0M	$157.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008747	−0.434%	$22.8M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008746	−0.445%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.169%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008741	−0.502%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008748	−0.423%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008749	−0.411%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008737	−0.548%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008755	−0.343%	$300K	$327K	10x
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008785	long leg	$459K	$2.0M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008794	+0.101%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008983	+2.252%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008770	−0.172%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008795	+0.112%	$90K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008742	−0.492%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008766	−0.218%	$202K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.008779	−0.071%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008783	−0.021%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008772	−0.149%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0683%	1h	0.008778	−0.081%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.070%	$95K	$104K	50x	as long as short