Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Backpack against KuCoin+0.011%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$710.708% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)−0.055%−$5 · spread now +0.011%, 7d avg −0.045%

Together, before fees−0.137%−$14 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 0.056% dearer against KuCoin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.009001	0.0100	pay 0.0050% / 4h	53m 03s	$5.0M	$10.2M	75x
Short	Backpack PENGU_USDC_PERP	0.009002	0.0100	get 0.0013% / 1h	53m 03s	$292K	$369K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.045%: $5.62
Slippage, 4 orders: −$48.84
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$65.21
Costs to cover: 0.708%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 51 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 KuCoin live order book, 5 min ago	2.22 bp	21.0 bp −$21	54.9 bp −$549	doesn't fit	doesn't fit
Sell Backpack live order book, 51 min ago	2.20 bp	14.3 bp −$14	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009003	+0.022%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	−0.035%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.355%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	−0.133%	$79K	$252K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009010	+0.100%	$323K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009009	+0.094%	$635K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009013	+0.133%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009010	+0.103%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009011	+0.111%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009007	+0.061%	$39.2M	$190.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009002	+0.011%	$24.1M	$44.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009006	+0.056%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009020	+0.211%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008995	−0.067%	$3.6M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009002	+0.011%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009001	long leg	$5.0M	$10.2M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009007	+0.067%	$8.6M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008999	−0.022%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.009002	+0.011%	$292K	$369K	10x
Variational Omni PENGU	+0.0100%	4h	0.008962	−0.435%	$913K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.259%	$473K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008999	−0.022%	$23K	$256K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.411%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009013	+0.133%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008996	−0.054%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	−0.044%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009001	+0.001%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009024	+0.256%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	+0.078%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009012	+0.117%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0352%	1h	0.008994	−0.078%	$103K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	+0.055%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.489%	$80K	$70K	50x	as long as short