Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Aster against Backpack+0.088%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.088%, 7d avg +0.051%

Together, before fees+0.034%+ Points / potential airdropAster: Stage 5 · farm board+$3 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: Aster is 0.038% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008812	0.0100	pay 0.0013% / 1h	28m 46s	$302K	$307K	10x
Short	Aster PENGUUSDT	0.008820	0.0100	get 0.0050% / 4h	2h 28m	$144K	$507K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now +0.088%Rate

Funding earned: $0
Price spread: +0.088% → +0.051%: $3.76
Slippage, 4 orders: −$26.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$41.22
Costs to cover: 0.450%
Break-even: never at this rate

Slippage from Backpack: live order book, 40 min ago; Aster: live order book, 39 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 Backpack live order book, 40 min ago	0.56 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 39 min ago	4.47 bp	10.5 bp −$10	32.3 bp −$323	doesn't fit	doesn't fit

PENGU on 33 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	0.008807	−0.057%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0006%	4h	0.008815	+0.034%	$3.4M	$15.5M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	−0.007%	$32K	—	150x	as long as short
Variational Omni PENGU	+0.0019%	4h	0.008791	−0.237%	$874K	$1.0M	—	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.261%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008828	+0.182%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008828	+0.182%	$312K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008808	−0.045%	$19K	$165K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008824	+0.136%	$8.3M	$14.9M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008820	+0.088%	$144K	$507K	20x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008835	+0.261%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008836	+0.269%	$37.7M	$157.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008839	+0.306%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008839	+0.306%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.318%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008841	+0.329%	$12.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008818	+0.068%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008822	+0.113%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008809	−0.034%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008812	long leg	$302K	$307K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.321%	$470K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008800	−0.136%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008820	+0.096%	$594K	$988K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009027	+2.440%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008801	−0.125%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008827	+0.170%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008815	+0.039%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008798	−0.159%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008809	−0.033%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	+0.020%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0262%	1h	0.008834	+0.251%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008816	+0.045%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.759%	$95K	$100K	50x	as long as short