Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: HTX against Backpack+0.287%7-day average +0.288% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1131.131% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.287%, 7d avg +0.288%

Together, before fees+0.286%+$29 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.009075	0.0100	pay 0.0013% / 1h	19m 14s	$303K	$370K	10x
Short	HTX PENGU-USDT	0.009101	0.0100	get 0.0050% / 4h	2h 19m	$93K	$423K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.287%Rate

Funding earned: $0
Price spread: +0.287% → +0.288%: −$0.11
Slippage, 4 orders: −$91.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$113.23
Costs to cover: 1.131%
Break-even: never at this rate

Slippage from Backpack: live order book, 32 min ago; HTX: live order book, 32 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, 32 min ago	1.65 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 32 min ago	5.49 bp	73.7 bp −$74	doesn't fit	doesn't fit	doesn't fit

PENGU on 34 exchanges

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	0.009080	+0.055%	$1K	$28K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009077	+0.022%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.152%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009086	+0.121%	$325K	$711K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009081	+0.066%	$648K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009086	+0.125%	$138K	$791K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009094	+0.209%	$137K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009079	+0.044%	$39.9M	$196.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009069	−0.066%	$24.6M	$47.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009074	−0.011%	$8.3M	$57.7M	50x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009090	+0.165%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009076	+0.011%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009080	+0.055%	$12.4M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009078	+0.033%	$5.1M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009084	+0.099%	$8.8M	$14.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009069	−0.066%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009075	long leg	$303K	$370K	10x
Variational Omni PENGU	+0.0100%	4h	0.009089	+0.150%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009105	+0.331%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.287%	$80K	$249K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+0.033%	$23K	$359K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009299	+2.468%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009080	+0.055%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.009101	+0.287%	$93K	$423K	25x
Extended PENGU-USD	+0.0104%	1h	0.009075	−0.003%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009078	+0.033%	$210K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0214%	1h	0.009084	+0.094%	$331K	$2.7M	50x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009095	+0.218%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0320%	1h	0.009088	+0.143%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009085	+0.110%	$1.6M	$5.3M	75x	as long as short
Hyperliquid PENGU	+0.0359%	1h	0.009091	+0.176%	$9.8M	$17.0M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009078	+0.033%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1135%	1h	0.009095	+0.221%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009118	+0.474%	$83K	$94K	50x	as long as short