Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0283%/8h= −30.9% APRpaid last 24h −0.032%

Price spread now: Backpack against OKX+0.230%46s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.428% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now +0.230%, 7d avg −0.005%

Together, before fees−0.245%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.235% dearer against OKX than usual: you sell high and buy low (spread +0.230% now, against its 7-day average of −0.005%): +$23 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.015% in total) that is about 4 months. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.015% in total (about -0.8% a year). A funding rate is set anew for every payment. 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	OKX PENGU-USDT-SWAP	0.008699	0.0100	pay 0.0050% / 4h	11m 25s	$7.5M	$46.7M	50x
Short	Backpack PENGU_USDC_PERP	0.008719	−0.0183	pay 0.0023% / 1h	11m 25s	$306K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.230%Rate

Funding earned: −$59.34
Price spread: +0.230% → −0.005%: $23.49
Slippage, 4 orders: −$22.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$78.66
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 2 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 OKX live order book, 2 min ago	0.57 bp	8.4 bp −$8	24.2 bp −$242	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.57 bp	12.1 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	−0.0344%	1h	0.008710	+0.128%	$366K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0332%	4h	0.008693	−0.069%	$22.7M	$36.9M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008697	−0.023%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.066%	$859K	$927K	—	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008698	−0.011%	$199	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008702	+0.034%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0183%	1h	0.008719	+0.230%	$306K	$315K	10x
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+1.035%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0022%	1h	0.008707	+0.086%	$692K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008706	+0.083%	$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	+0.0019%	1h	0.008716	+0.200%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008721	+0.253%	$456K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008712	+0.149%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008703	+0.046%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008707	+0.092%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008714	+0.170%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008712	+0.149%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008699	0.000%	$36.0M	$155.0M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008699	long leg	$7.5M	$46.7M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008710	+0.126%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008705	+0.069%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008706	+0.080%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008703	+0.046%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008688	−0.126%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.345%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008915	+2.483%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008699	0.000%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008749	+0.575%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008697	−0.025%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008697	−0.023%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008703	+0.045%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008721	+0.253%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0683%	1h	0.008705	+0.069%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.793%	$93K	$103K	50x	as long as short