PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0071%/8h= −7.8% APRnext payment −$0.09 per $10,000 · paid last 24h −0.029%

Price spread now: Backpack against Lighter+0.023%7-day average −0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$470.466% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.023%, 7d avg −0.063%

Together, before fees−0.094%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.086% dearer against Lighter than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.063%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.065% in total) that is about 9.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008715	0.0096	pay 0.0012% / 1h	20m 49s	$298K	$723K	8x
Short	Backpack PENGU_USDC_PERP	0.008717	0.0025	get 0.0003% / 1h	20m 49s	$311K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$14.9
Price spread: +0.023% → −0.063%: $8.56
Slippage, 4 orders: −$36.59
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$52.93
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from Lighter: live order book, 64 min ago; Backpack: live order book, 3 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 Lighter live order book, 64 min ago	4.58 bp	13.9 bp −$14	75.6 bp −$756	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.57 bp	9.8 bp −$10	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
Kraken Futures PF_PENGUUSD	−0.0548%	1h	0.008725	+0.116%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0270%	4h	0.008713	−0.023%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008719	+0.046%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	0.000%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	+0.020%	$12K	$4K	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008712	−0.034%	$22.6M	$35.9M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008719	+0.046%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008721	+0.069%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERPshort	+0.0025%	1h	0.008717	+0.023%	$311K	$315K	10x
Lighter PENGUlong	+0.0096%	1h	0.008715	long leg	$298K	$723K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008716	+0.017%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008727	+0.138%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008721	+0.072%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008721	+0.069%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008718	+0.034%	$36.1M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008718	+0.034%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008717	+0.023%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008718	+0.034%	$4.8M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008723	+0.092%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008706	−0.103%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.468%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	−0.160%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008702	−0.149%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008720	+0.057%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008927	+2.433%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008716	+0.011%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008730	+0.172%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008716	+0.010%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008716	+0.011%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008708	−0.080%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.057%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008720	+0.057%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.080%	$93K	$96K	50x	as long as short