Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: Backpack against SunX−2.301%49s7-day average −2.720% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now −2.301%, 7d avg −2.720%

Together, before fees−0.261%−$26 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 0.419% dearer against SunX than usual: you sell high and buy low, +$42 on $10k if it goes back to its 7-day average of −2.720%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009041	0.0100	pay 0.0050% / 4h	3h 09m	$3K	$2.1M	10x
Short	Backpack PENGU_USDC_PERP	0.008833	0.0100	get 0.0013% / 1h	9m 10s	$295K	$327K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −2.301%Rate

Funding earned: $0
Price spread: −2.301% → −2.720%: $41.9
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $23.9
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: SunX: live order book, 7 min ago; Backpack: live order book, 44 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 SunX live order book, 7 min ago	249.99 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.55 bp	11.6 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	−2.323%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008830	−2.338%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008827	−2.367%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.787%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0060%	1h	0.008844	−2.174%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008832	−2.312%	$321K	$753K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008848	−2.135%	$202	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008841	−2.212%	$593K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008841	−2.212%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008834	−2.295%	$120K	$661K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008843	−2.190%	$135K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	−2.310%	$37.5M	$173.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008826	−2.378%	$23.4M	$41.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008826	−2.378%	$7.6M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	−2.223%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008833	−2.301%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	−2.378%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	−2.290%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008826	−2.378%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008833	−2.301%	$295K	$327K	10x
Variational Omni PENGU	+0.0100%	4h	0.008857	−2.037%	$925K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	−1.515%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	−1.515%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008829	−2.345%	$23K	$124K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009041	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008830	−2.334%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	−1.980%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008824	−2.398%	$182K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	−2.389%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008828	−2.360%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008835	−2.279%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0415%	1h	0.008827	−2.367%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0619%	1h	0.008835	−2.281%	$323K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	−0.962%	$94K	$59K	50x	as long as short