PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRnext payment +$0.08 per $10,000 · paid last 24h −0.101%

Price spread now: Backpack against Injective+3.937%7-day average +0.778% · you sell dearer than you buy

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 4 days (all we have)−3.479%−$348 · spread now +3.937%, 7d avg +0.778%

Together, before fees−3.757%−$376 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 3.159% dearer against Injective than usual: you sell high and buy low: +$316 more if the spread goes back to its 7-day average of +0.778%. Mind the row above: over the last 7 days funding on this pair cost −0.279%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	40m 31s	$3K	$117K	5.5x
Short	Backpack PENGU_USDC_PERP	0.009135	0.0100	get 0.0013% / 1h	40m 31s	$314K	$388K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BackpackbpOrdersPrice spread, now +3.937%Rate

Funding earned: $14
Price spread: +3.937% → +0.778%: $315.92
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $319.9
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 58 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 58 min ago	0.55 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit

Injective: 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
Gate PENGU_USDT	−0.0088%	4h	0.009121	+3.777%	$3.7M	$17.8M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009133	+3.919%	$34K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Deribit PENGU_USDC-PERPETUAL	+0.0078%	1h	0.009151	+4.119%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009140	+3.994%	$331K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009137	+3.959%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009122	+3.788%	$132K	$752K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009129	+3.868%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009116	+3.722%	$40.2M	$196.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009102	+3.561%	$24.7M	$46.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009101	+3.550%	$8.3M	$58.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009120	+3.766%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009130	+3.880%	$11.6M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009127	+3.846%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009134	+3.925%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009133	+3.914%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.009135	+3.937%	$314K	$388K	10x
Variational Omni PENGU	+0.0100%	4h	0.009139	+3.982%	$944K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009127	+3.843%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009145	+4.051%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009101	+3.556%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009149	+4.096%	$24K	$324K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009376	+6.679%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009145	+4.051%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009174	+4.380%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009123	+3.799%	$191K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009140	+3.994%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009151	+4.121%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009164	+4.267%	$1.6M	$5.3M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009150	+4.106%	$352K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0384%	1h	0.009129	+3.868%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009153	+4.142%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1666%	1h	0.009132	+3.903%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+4.801%	$81K	$74K	50x	as long as short