Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.017%

Price spread now: Backpack against Gate+0.196%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.260%−$26 · spread now +0.196%, 7d avg −0.010%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.206% dearer against Gate than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008683	0.0016	pay 0.0008% / 4h	50m 38s	$3.3M	$15.5M	75x
Short	Backpack PENGU_USDC_PERP	0.008700	0.0100	get 0.0013% / 1h	50m 38s	$297K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.196%Rate

Funding earned: $17.64
Price spread: +0.196% → −0.010%: $20.57
Slippage, 4 orders: −$46.81
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.6
Costs to cover: 0.718%
Break-even: 20.3 days

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 8 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 Gate live order book, 3 min ago	2.29 bp	17.2 bp −$17	52.2 bp −$522	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	0.57 bp	24.9 bp −$25	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008703	+0.230%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008702	+0.223%	$32K	—	150x	as long as short
Gate PENGU_USDTlong	+0.0016%	4h	0.008683	long leg	$3.3M	$15.5M	75x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.221%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008692	+0.104%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008692	+0.104%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008703	+0.230%	$23K	$131K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008706	+0.262%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008703	+0.230%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008707	+0.281%	$120K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008691	+0.092%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008688	+0.058%	$36.1M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008685	+0.023%	$22.9M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008686	+0.035%	$7.2M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.081%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008688	+0.058%	$11.1M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008704	+0.242%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008687	+0.046%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008690	+0.081%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008700	+0.196%	$297K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.138%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.671%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008743	+0.691%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008915	+2.672%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008701	+0.207%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008714	+0.357%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008685	+0.020%	$183K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008695	+0.138%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008700	+0.193%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008698	+0.173%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0368%	1h	0.008708	+0.289%	$341K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0404%	1h	0.008685	+0.020%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008703	+0.230%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.271%	$95K	$61K	50x	as long as short