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: SunX against Backpack+2.371%7-day average +2.710% · you sell dearer than you buy

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

Long on Backpack Short on SunX

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)+0.147%+$15 · spread now +2.371%, 7d avg +2.710%

Together, before fees+0.229%+$23 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: SunX is 0.339% cheaper against Backpack than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +2.710%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.009194	0.0100	pay 0.0013% / 1h	3m 12s	$303K	$370K	10x
Short	SunX PENGU-USDT	0.009412	0.0100	get 0.0050% / 4h	3h 03m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.371%Rate

Funding earned: $0
Price spread: +2.371% → +2.710%: −$33.92
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$51.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 30 min ago; SunX: live order book, 4 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 Backpack live order book, 30 min ago	0.55 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	248.86 bp	doesn't fit	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	+0.0002%	4h	0.009196	+0.022%	$3.8M	$18.3M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009188	−0.062%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.405%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009205	+0.120%	$329K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009182	−0.131%	$650K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009197	+0.033%	$9.6M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009201	+0.077%	$146K	$785K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009192	−0.022%	$140K	$235K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009189	−0.055%	$40.8M	$196.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009190	−0.044%	$24.9M	$47.2M	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	0.009191	−0.033%	$8.4M	$58.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009190	−0.044%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009199	+0.054%	$12.1M	$13.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009201	+0.076%	$5.1M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009195	+0.011%	$9.0M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009184	−0.109%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009194	long leg	$303K	$370K	10x
Variational Omni PENGU	+0.0100%	4h	0.009164	−0.326%	$947K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009180	−0.154%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009178	−0.174%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009189	−0.054%	$24K	$352K	20x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009412	+2.371%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.009205	+0.120%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009216	+0.239%	$96K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009186	−0.086%	$188K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009192	−0.022%	$212K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009186	−0.091%	$310	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0294%	1h	0.009193	−0.011%	$1K	$28K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009194	0.000%	$1.7M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009194	0.000%	$210	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0375%	1h	0.009206	+0.128%	$347K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009196	+0.022%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1395%	1h	0.009194	0.000%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009232	+0.413%	$79K	$85K	50x	as long as short