Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: HTX against Backpack+0.170%7-day average +0.294% · you sell dearer than you buy

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$204as in the Price arb table

costs, in and out, $10k−$1921.917% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.294%+$29 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now +0.170%, 7d avg +0.294%

Together, before fees+0.393%+$39 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: HTX is 0.123% cheaper against Backpack than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.294%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008805	0.0100	pay 0.0013% / 1h	55m 22s	$309K	$316K	10x
Short	HTX PENGU-USDT	0.008820	0.0100	get 0.0050% / 4h	3h 55m	$90K	$300K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.170%Rate

Funding earned: $0
Price spread: +0.170% → +0.294%: −$12.34
Slippage, 4 orders: −$169.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$204.01
Costs to cover: 1.917%
Break-even: never at this rate

Slippage from Backpack: live order book, 18 min ago; HTX: live order book, 16 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, 18 min ago	0.57 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 16 min ago	9.74 bp	155.5 bp −$155	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
Gate PENGU_USDT	−0.0514%	4h	0.008773	−0.363%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0504%	4h	0.008769	−0.409%	$22.9M	$37.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0394%	1h	0.008786	−0.217%	$367K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0281%	4h	0.008802	−0.031%	$869K	$929K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0206%	1h	0.008773	−0.363%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008777	−0.318%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008780	−0.287%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.182%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0089%	1h	0.008794	−0.122%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	−0.080%	$308K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008774	−0.352%	$23K	$186K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008786	−0.210%	$698K	$778K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008783	−0.250%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008791	−0.154%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008793	−0.136%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	−0.327%	$36.5M	$155.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008773	−0.363%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.284%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.261%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008776	−0.329%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008774	−0.352%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	−0.273%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008805	long leg	$309K	$316K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008805	−0.001%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008799	−0.068%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008995	+2.158%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008773	−0.363%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008820	+0.170%	$90K	$300K	25x
Extended PENGU-USD	+0.0104%	1h	0.008768	−0.416%	$181K	$617K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.341%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008776	−0.325%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008797	−0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008779	−0.295%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008799	−0.068%	$94K	$103K	50x	as long as short