Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: KuCoin against Backpack−0.011%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$680.684% of the position

Long on Backpack Short on KuCoin

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)+0.050%+$5 · spread now −0.011%, 7d avg +0.048%

Together, before fees+0.132%+$13 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: KuCoin is 0.059% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.009105	0.0100	pay 0.0013% / 1h	35m 52s	$316K	$388K	10x
Short	KuCoin PENGUUSDTM	0.009104	0.0100	get 0.0050% / 4h	3h 35m	$5.1M	$10.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.048%: −$5.93
Slippage, 4 orders: −$46.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$74.36
Costs to cover: 0.684%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; KuCoin: live order book, 2 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, 63 min ago	0.55 bp	10.0 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.74 bp	18.3 bp −$18	45.6 bp −$456	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	−0.0178%	4h	0.009093	−0.132%	$3.7M	$17.8M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009110	+0.060%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.471%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009121	+0.176%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009119	+0.154%	$332K	$756K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009106	+0.011%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009104	−0.013%	$132K	$761K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009101	−0.044%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009102	−0.033%	$40.3M	$196.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009091	−0.154%	$24.6M	$46.9M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009094	−0.121%	$8.2M	$58.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009110	+0.055%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009101	−0.044%	$11.6M	$13.0M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009104	−0.011%	$5.1M	$10.5M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009105	0.000%	$8.8M	$15.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009100	−0.055%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009105	long leg	$316K	$388K	10x
Variational Omni PENGU	+0.0100%	4h	0.009099	−0.066%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009097	−0.088%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009106	+0.011%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009096	−0.096%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009113	+0.088%	$23K	$325K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009318	+2.339%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009118	+0.143%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009126	+0.231%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009096	−0.103%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009114	+0.099%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009113	+0.085%	$308	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009131	+0.286%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009112	+0.077%	$208	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009123	+0.197%	$351K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009111	+0.066%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.164%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2134%	1h	0.009103	−0.018%	$15K	$9K	5x	as long as short