PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0267%/8h= −29.2% APRnext payment −$0.33 per $10,000 · paid last 24h −0.045%

Price spread now: Backpack against Hyperliquid−0.023%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.023%, 7d avg −0.051%

Together, before fees−0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.028% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.023% now, against its 7-day average of −0.051%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	Hyperliquid PENGU	0.008741	0.0100	pay 0.0013% / 1h	16m 20s	$8.4M	$15.3M	5x
Short	Backpack PENGU_USDC_PERP	0.008739	−0.0167	pay 0.0021% / 1h	16m 20s	$311K	$313K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$55.98
Price spread: −0.023% → −0.051%: $2.82
Slippage, 4 orders: −$19.78
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$91.94
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Backpack: live order book, 62 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 Hyperliquid live order book, 6 min ago	1.14 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	0.57 bp	12.5 bp −$12	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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008748	+0.079%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0322%	4h	0.008732	−0.103%	$22.7M	$36.8M	75x	as long as short
Gate PENGU_USDT	−0.0310%	4h	0.008735	−0.069%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0295%	4h	0.008731	−0.112%	$767K	$832K	—	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008733	−0.092%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0167%	1h	0.008739	−0.023%	$311K	$313K	10x
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.549%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008741	0.000%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008743	+0.023%	$695K	$776K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	+0.016%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0021%	1h	0.008747	+0.063%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0088%	4h	0.008733	−0.088%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008740	−0.011%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	0.000%	$23K	$186K	20x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008741	long leg	$8.4M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008746	+0.057%	$188K	$470K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008742	+0.011%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008738	−0.038%	$36.2M	$154.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	−0.034%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008740	−0.011%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008740	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008744	+0.034%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008726	−0.172%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008744	+0.034%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008954	+2.437%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008738	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008760	+0.217%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008736	−0.053%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	−0.069%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	−0.041%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	0.000%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.309%	$93K	$103K	50x	as long as short