PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h +0.111%

Price spread now: Injective against Backpack+0.872%7-day average −0.719% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.279%+$28 on $10k

Price spread, last 4 days (all we have)−1.330%−$133 · spread now +0.872%, 7d avg −0.719%

Together, before fees−1.052%−$105 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.592% dearer against Backpack than usual: you sell high and buy low (spread +0.872% now, against its 7-day average of −0.719%): +$159 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. Mind the row above: over the last 7 days funding on this pair paid +0.279%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008713	0.0100	pay 0.0013% / 1h	40m 36s	$299K	$275K	10x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	40m 36s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.872%Rate

Funding earned: −$14
Price spread: +0.872% → −0.719%: $159.17
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $135.15
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 23 min ago; Injective: no order-book sample. Net counts fees only.

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, 23 min ago	1.14 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0209%	1h	0.008710	−0.034%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0024%	1h	0.008725	+0.138%	$200	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008720	+0.077%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008719	+0.069%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	+0.872%	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008725	+0.138%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008715	+0.023%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008718	+0.057%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008723	+0.115%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008722	+0.103%	$131K	$577K	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	0.008721	+0.092%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008726	+0.150%	$36.5M	$159.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008722	+0.103%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008721	+0.092%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.080%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008720	+0.080%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008718	+0.057%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008722	+0.103%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008721	+0.092%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008713	long leg	$299K	$275K	10x
Variational Omni PENGU	+0.0100%	4h	0.008712	−0.014%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.464%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.516%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008911	+2.272%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008710	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008725	+0.138%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008719	+0.069%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008701	−0.138%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008715	+0.025%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008717	+0.042%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.034%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008720	+0.080%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008721	+0.089%	$356K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.915%	$95K	$94K	50x	as long as short