Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: BingX against Backpack+0.078%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.078% dearer against Backpack than usual: you sell high and buy low, +$8 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008953	0.0100	pay 0.0013% / 1h	13m 18s	$308K	$323K	10x
Short	BingX PENGU-USDT	0.008960	0.0100	get 0.0050% / 4h	3h 13m	—	$3.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.078%Rate

Funding earned: $0
Price spread: +0.078% → 0.000%: $7.82
Slippage, 4 orders: −$16.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$28.67
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Backpack: live order book, 60 min ago; BingX: live order book, 7 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, 60 min ago	0.57 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.56 bp	9.2 bp −$9	14.4 bp −$144	56.0 bp −$5,605	344.1 bp −$172.1K

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	−0.0386%	1h	0.008966	+0.150%	$373K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0286%	4h	0.008961	+0.089%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0200%	1h	0.008962	+0.101%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0157%	4h	0.008900	−0.591%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008963	+0.112%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008963	+0.114%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.832%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0090%	1h	0.008966	+0.148%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008956	+0.034%	$311K	$730K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008964	+0.123%	$24K	$173K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008966	+0.148%	$710K	$766K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008970	+0.190%	$8.4M	$15.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008971	+0.205%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008964	+0.123%	$155K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008962	+0.106%	$37.6M	$155.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008955	+0.022%	$23.5M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008959	+0.067%	$7.7M	$48.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	+0.190%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008969	+0.179%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008961	+0.089%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008965	+0.134%	$8.5M	$12.8M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008960	+0.078%	—	$3.8M	—
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008953	long leg	$308K	$323K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008949	−0.045%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008954	+0.011%	$82K	$250K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009170	+2.424%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008955	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008956	+0.034%	$92K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008959	+0.062%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008955	+0.022%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008961	+0.093%	$303	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008946	−0.078%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0523% / S −0.0723%	1h	0.008960	+0.078%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.614%	$96K	$104K	50x	as long as short