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 −0.020%

Price spread now: Backpack against HTX−0.227%7-day average −0.294% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$1001.000% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.297%−$30 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now −0.227%, 7d avg −0.294%

Together, before fees−0.438%−$44 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 0.067% dearer against HTX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.294%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008800	0.0100	pay 0.0050% / 4h	1h 18m	$92K	$354K	25x
Short	Backpack PENGU_USDC_PERP	0.008780	0.0100	get 0.0013% / 1h	18m 36s	$300K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.227%Rate

Funding earned: $0
Price spread: −0.227% → −0.294%: $6.72
Slippage, 4 orders: −$77.99
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$93.27
Costs to cover: 1.000%
Break-even: never at this rate

Slippage from HTX: live order book, 44 min ago; Backpack: live order book, 45 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 HTX live order book, 44 min ago	14.73 bp	50.2 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 45 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	0.008777	−0.261%	$201	$64	5x	as long as short
Gate PENGU_USDT	−0.0002%	4h	0.008777	−0.261%	$3.3M	$15.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008785	−0.170%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008790	−0.116%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.125%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008787	−0.148%	$313K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008786	−0.159%	$23K	$165K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008774	−0.295%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008788	−0.134%	$121K	$578K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008779	−0.239%	$154K	$243K	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	0.008774	−0.295%	$36.6M	$160.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008771	−0.330%	$23.2M	$38.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008772	−0.318%	$7.4M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.227%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008778	−0.250%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008785	−0.170%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008774	−0.295%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008776	−0.273%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008780	−0.227%	$300K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008794	−0.070%	$874K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.263%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008800	0.000%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008772	−0.318%	$588K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009009	+2.375%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008781	−0.216%	$1K	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008800	long leg	$92K	$354K	25x
Extended PENGU-USD	+0.0104%	1h	0.008769	−0.350%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008776	−0.273%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0224%	1h	0.008783	−0.196%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008769	−0.357%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008768	−0.364%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0556% / S −0.0662%	1h	0.008788	−0.136%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0647%	1h	0.008790	−0.109%	$352K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.898%	$95K	$94K	50x	as long as short