Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h −0.015%

Price spread now: Backpack against Gate+0.035%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$550.547% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.035%, 7d avg −0.013%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.048% dearer against Gate than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008661	−0.0348	get 0.0174% / 4h	2h 45m	$3.4M	$15.3M	75x
Short	Backpack PENGU_USDC_PERP	0.008664	−0.0221	pay 0.0028% / 1h	45m 08s	$309K	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.035%Rate

Funding earned: $26.61
Price spread: +0.035% → −0.013%: $4.77
Slippage, 4 orders: −$29.72
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.33
Costs to cover: 0.547%
Break-even: 13.1 days

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 43 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 Gate live order book, 3 min ago	2.89 bp	13.6 bp −$14	35.9 bp −$359	doesn't fit	doesn't fit
Sell Backpack live order book, 43 min ago	0.57 bp	10.4 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	−0.0552%	1h	0.008671	+0.118%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDTlong	−0.0348%	4h	0.008661	long leg	$3.4M	$15.3M	75x
Bybit PENGUUSDT	−0.0336%	4h	0.008656	−0.058%	$22.6M	$35.7M	75x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0221%	1h	0.008664	+0.035%	$309K	$316K	10x
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008668	+0.081%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.623%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	+0.081%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008671	+0.119%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008671	+0.115%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008665	+0.046%	$294K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008670	+0.104%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008672	+0.126%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008667	+0.069%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008666	+0.052%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	−0.012%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008664	+0.035%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	+0.023%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	+0.069%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008653	−0.092%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008657	−0.051%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008668	+0.076%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008670	+0.104%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008665	+0.052%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008670	+0.104%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	+2.425%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	+0.058%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008680	+0.219%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	+0.019%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	+0.046%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008667	+0.068%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	+0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008669	+0.092%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.794%	$94K	$97K	50x	as long as short