Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.030%

Price spread now: Backpack against Pacifica−0.207%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$590.590% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)+0.195%+$19 · spread now −0.207%, 7d avg −0.036%

Together, before fees+0.119%+ Points / potential airdropPacifica: Active · farm board+$12 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 0.172% cheaper against Pacifica than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008689	0.0100	pay 0.0013% / 1h	57m 18s	$146K	$236K	5x
Short	Backpack PENGU_USDC_PERP	0.008671	0.0100	get 0.0013% / 1h	57m 18s	$309K	$312K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now −0.207%Rate

Funding earned: $0
Price spread: −0.207% → −0.036%: −$17.16
Slippage, 4 orders: −$40.95
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$76.11
Costs to cover: 0.590%
Break-even: never at this rate

Slippage from Pacifica: live order book, 26 min ago; Backpack: live order book, 26 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 Pacifica live order book, 26 min ago	2.87 bp	22.5 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 26 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	−0.0612%	1h	0.008712	+0.260%	$386K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0324%	1h	0.008708	+0.219%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008694	+0.058%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0144%	1h	0.008685	−0.046%	$199	$59	5x	as long as short
Nado PENGU-PERP	−0.0093%	1h	0.008691	+0.017%	$675K	$757K	5x	as long as short
Bybit PENGUUSDT	−0.0020%	4h	0.008705	+0.184%	$22.6M	$35.9M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008688	−0.016%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008706	+0.198%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	+0.299%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008709	+0.230%	$298K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008696	+0.081%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008693	+0.046%	$172K	$448K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008689	long leg	$146K	$236K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008710	+0.242%	$36.0M	$151.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008703	+0.161%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008695	+0.069%	$13.0M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008703	+0.161%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008710	+0.242%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008690	+0.012%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008671	−0.207%	$309K	$312K	10x
Variational Omni PENGU	+0.0100%	4h	0.008657	−0.366%	$800K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008664	−0.286%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008668	−0.242%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008709	+0.230%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008903	+2.463%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008706	+0.196%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.414%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008702	+0.152%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008708	+0.219%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008698	+0.099%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008704	+0.173%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008704	+0.173%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008699	+0.115%	$93K	$97K	50x	as long as short