Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.030%

Price spread now: Backpack against MEXC−0.023%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.023%, 7d avg −0.011%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008677	0.0100	pay 0.0050% / 4h	2h 15m	$12.8M	$12.7M	125x
Short	Backpack PENGU_USDC_PERP	0.008675	−0.0005	pay 0.0001% / 1h	15m 21s	$309K	$314K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$21.97
Price spread: −0.023% → −0.011%: −$1.24
Slippage, 4 orders: −$20.18
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$53.39
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 8 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 MEXC live order book, 3 min ago	0.58 bp	4.3 bp −$4	20.6 bp −$206	62.2 bp −$6,224	110.5 bp −$55.3K
Sell Backpack live order book, 8 min ago	0.57 bp	9.8 bp −$10	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	−0.0551%	1h	0.008684	+0.080%	$385K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008679	+0.023%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008673	−0.046%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.438%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0005%	1h	0.008675	−0.023%	$309K	$314K	10x
dYdX PENGU-USD	0.0000%	1h	0.008685	+0.090%	$11K	$4K	5x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008678	+0.012%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008681	+0.052%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0040%	4h	0.008668	−0.104%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008680	+0.035%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008681	+0.052%	$674K	$756K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008683	+0.069%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008680	+0.033%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	+0.081%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008678	+0.012%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008676	−0.012%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	+0.035%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008677	long leg	$12.8M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008678	+0.012%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008683	+0.069%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008668	−0.104%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008675	−0.022%	$797K	$715K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.061%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008689	+0.138%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008680	+0.035%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008889	+2.443%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008677	0.000%	$991	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	+0.242%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008674	−0.030%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	−0.023%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008675	−0.021%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008671	−0.069%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008681	+0.046%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.588%	$94K	$97K	50x	as long as short