Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.031%

Price spread now: Backpack against Orderly−0.023%7-day average −0.004% · you buy dearer than you sell

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.023%, 7d avg −0.004%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008779	0.0100	pay 0.0050% / 4h	1h 01m	$23K	$186K	20x
Short	Backpack PENGU_USDC_PERP	0.008777	0.0079	get 0.0010% / 1h	1m 30s	$313K	$309K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$4.35
Price spread: −0.023% → −0.004%: −$1.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.25
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 17 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 17 min ago	0.57 bp	12.5 bp −$12	doesn't fit	doesn't fit	doesn't fit

Orderly: 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
Kraken Futures PF_PENGUUSD	−0.0607%	1h	0.008788	+0.107%	$367K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0268%	4h	0.008771	−0.091%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008779	0.000%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0204%	4h	0.008767	−0.137%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008772	−0.080%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	+0.061%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	+0.030%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.114%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008771	−0.091%	$683K	$760K	5x	as long as short
Backpack PENGU_USDC_PERPshort	+0.0079%	1h	0.008777	−0.023%	$313K	$309K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008778	−0.011%	$308K	$736K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008779	long leg	$23K	$186K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008776	−0.034%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008781	+0.024%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008774	−0.057%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008774	−0.061%	$36.5M	$153.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008771	−0.091%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008776	−0.034%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	−0.034%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008780	+0.011%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008766	−0.148%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.177%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	+0.034%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008987	+2.369%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008777	−0.023%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008801	+0.251%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.094%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008776	−0.034%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0124%	1h	0.008781	+0.017%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	−0.063%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008775	−0.046%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008782	+0.034%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.538%	$95K	$105K	50x	as long as short