Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: HTX against Backpack+0.121%7-day average +0.292% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$1771.769% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now +0.121%, 7d avg +0.292%

Together, before fees+0.445%+$45 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 0.171% cheaper against Backpack than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.292%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.009095	0.0100	pay 0.0013% / 1h	55m 49s	$313K	$376K	10x
Short	HTX PENGU-USDT	0.009106	0.0100	get 0.0050% / 4h	1h 55m	$94K	$401K	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 +0.121%Rate

Funding earned: $0
Price spread: +0.121% → +0.292%: −$17.14
Slippage, 4 orders: −$154.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$194.06
Costs to cover: 1.769%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; HTX: live order book, 52 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, 53 min ago	0.57 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 52 min ago	5.09 bp	142.2 bp −$142	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009092	−0.031%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.364%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009100	+0.055%	$334K	$758K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009095	+0.003%	$640K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009092	−0.029%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009096	+0.011%	$139K	$289K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009098	+0.033%	$39.6M	$185.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009087	−0.088%	$24.1M	$43.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009093	−0.022%	$8.1M	$54.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.055%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009097	+0.022%	$3.4M	$16.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009101	+0.066%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009099	+0.044%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009099	+0.044%	$8.7M	$13.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009087	−0.088%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009095	long leg	$313K	$376K	10x
Variational Omni PENGU	+0.0100%	4h	0.009082	−0.144%	$927K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009084	−0.120%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009082	−0.143%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009097	+0.022%	$23K	$195K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009310	+2.364%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009093	−0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009106	+0.121%	$94K	$401K	25x
Extended PENGU-USD	+0.0104%	1h	0.009094	−0.014%	$188K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009092	−0.033%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009095	−0.003%	$307	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0300%	1h	0.009100	+0.055%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009113	+0.198%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0384%	1h	0.009102	+0.077%	$208	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009091	−0.044%	$92K	—	100x	as long as short
dYdX PENGU-USD	+0.0506%	1h	0.009095	+0.002%	$12K	$6K	5x	as long as short
Hyperliquid PENGU	+0.0620%	1h	0.009110	+0.165%	$9.4M	$15.9M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0670%	1h	0.009102	+0.078%	$340K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009185	+0.990%	$81K	$69K	50x	as long as short