PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRnext payment +$0.08 per $10,000 · paid last 24h −0.108%

Price spread now: Backpack against Injective−1.252%48s7-day average +0.703% · you buy dearer than you sell

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

Long on Injective Short on Backpack

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)+1.760%+$176 · spread now −1.252%, 7d avg +0.703%

Together, before fees+1.481%+$148 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 1.955% cheaper against Injective than usual: you would sell low and buy high (spread −1.252% now, against its 7-day average of +0.703%). If the spread goes back, that is −$195 on $10k: about 3 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.279%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	49m 16s	$3K	$117K	5.5x
Short	Backpack PENGU_USDC_PERP	0.008679	0.0100	get 0.0013% / 1h	49m 16s	$296K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BackpackbpOrdersPrice spread, now −1.252%Rate

Funding earned: $14
Price spread: −1.252% → +0.703%: −$195.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$191.48
Costs to cover: 0.100%
Break-even: 102.7 days

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 9 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 9 min ago	0.57 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

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	0.0000%	1h	0.008667	−1.388%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008669	−1.369%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008666	−1.399%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
01 Exchange PENGUUSD	+0.0040%	1h	0.008673	−1.320%	$198	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008686	−1.172%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008667	−1.388%	$23K	$130K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008672	−1.326%	$582K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008671	−1.343%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008676	−1.286%	$120K	$579K	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	0.008680	−1.240%	$153K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008669	−1.361%	$36.1M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008663	−1.434%	$22.9M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008664	−1.422%	$7.2M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−1.354%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	−1.354%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008669	−1.365%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	−1.388%	$8.1M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008666	−1.399%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.008679	−1.252%	$296K	$293K	10x
Variational Omni PENGU	+0.0100%	4h	0.008695	−1.070%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	−0.543%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008704	−0.967%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008882	+1.058%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008686	−1.172%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	−0.978%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008661	−1.455%	$183K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008661	−1.456%	$200K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008663	−1.428%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008698	−1.035%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008677	−1.278%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0399%	1h	0.008675	−1.298%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0493% / S −0.0419%	1h	0.008667	−1.388%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.025%	$95K	$61K	50x	as long as short