PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0087%/8h= −9.5% APRnext payment −$0.11 per $10,000 · paid last 24h −0.028%

Price spread now: Backpack against Nado+0.074%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$410.406% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.351%−$35 · spread now +0.074%, 7d avg −0.018%

Together, before fees−0.358%+ Points / potential airdropNado: Active · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.093% dearer against Nado than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of −0.018%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 3 days (−0.007% in total) that is about 42 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008735	−0.0004	get 0.0000% / 1h	34m 32s	$696K	$773K	5x
Short	Backpack PENGU_USDC_PERP	0.008742	−0.0091	pay 0.0011% / 1h	34m 32s	$312K	$308K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$18.22
Price spread: +0.074% → −0.018%: $9.26
Slippage, 4 orders: −$23.64
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.6
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Nado: live order book, 44 min ago; Backpack: live order book, 44 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 Nado live order book, 44 min ago	1.71 bp	9.8 bp −$10	56.7 bp −$567	doesn't fit	doesn't fit
Sell Backpack live order book, 44 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	0.008750	+0.163%	$368K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0322%	1h	0.008740	+0.052%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008737	+0.017%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0253%	4h	0.008730	−0.063%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008735	−0.006%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0189%	4h	0.008745	+0.114%	$799K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.612%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0091%	1h	0.008742	+0.074%	$312K	$308K	10x
Nado PENGU-PERPlong	−0.0004%	1h	0.008735	long leg	$696K	$773K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	+0.082%	$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	+0.0031%	1h	0.008744	+0.096%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008746	+0.120%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	+0.063%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008744	+0.097%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008749	+0.157%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008743	+0.086%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008738	+0.033%	$36.3M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008736	+0.006%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.052%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008742	+0.074%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008745	+0.109%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008743	+0.086%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008741	+0.063%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.195%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008759	+0.269%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008951	+2.467%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008738	+0.029%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008761	+0.292%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	+0.063%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	−0.006%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008735	−0.003%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008741	+0.063%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008743	+0.086%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.601%	$94K	$103K	50x	as long as short