Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack−0.137%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.137%, 7d avg −0.033%

Together, before fees−0.123%−$12 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: Bybit is 0.104% cheaper against Backpack than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008729	0.0100	pay 0.0013% / 1h	41m 30s	$299K	$275K	10x
Short	Bybit PENGUUSDT	0.008717	0.0100	get 0.0050% / 4h	1h 41m	$23.2M	$38.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → −0.033%: −$10.41
Slippage, 4 orders: −$29.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.74
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from Backpack: live order book, 22 min ago; Bybit: 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, 22 min ago	1.14 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.57 bp	15.5 bp −$15	33.1 bp −$331	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	−0.0208%	1h	0.008727	−0.023%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008709	−0.229%	$199	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008736	+0.078%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008715	−0.160%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.687%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008716	−0.149%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008731	+0.023%	$23K	$165K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008709	−0.229%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008718	−0.127%	$131K	$576K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008714	−0.172%	$153K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008716	−0.149%	$36.4M	$159.5M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008717	−0.137%	$23.2M	$38.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008718	−0.126%	$7.4M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.103%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008711	−0.206%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008717	−0.137%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008713	−0.183%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008703	−0.298%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008729	long leg	$299K	$275K	10x
Variational Omni PENGU	+0.0100%	4h	0.008701	−0.321%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.280%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.332%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008719	−0.115%	$585K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008940	+2.417%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008731	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008774	+0.516%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008713	−0.186%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008720	−0.103%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0203%	1h	0.008715	−0.158%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008731	+0.019%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008749	+0.229%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008734	+0.057%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0651%	1h	0.008742	+0.146%	$358K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.727%	$95K	$94K	50x	as long as short