PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0240%/8h= −26.3% APRnext payment −$0.30 per $10,000 · paid last 24h −0.031%

Price spread now: Backpack against Lighter−0.057%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.057%, 7d avg −0.057%

Together, before fees−0.069%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.068% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008791	0.0096	pay 0.0012% / 1h	1m 02s	$307K	$741K	8x
Short	Backpack PENGU_USDC_PERP	0.008786	−0.0144	pay 0.0018% / 1h	1m 02s	$309K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$50.48
Price spread: −0.057% → −0.057%: $0
Slippage, 4 orders: −$29.26
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$89.74
Costs to cover: 0.393%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Backpack: live order book, 12 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 Lighter live order book, 9 min ago	3.44 bp	7.5 bp −$8	66.3 bp −$663	doesn't fit	doesn't fit
Sell Backpack live order book, 12 min ago	0.57 bp	12.1 bp −$12	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	−0.0340%	1h	0.008801	+0.111%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0303%	4h	0.008783	−0.091%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0296%	4h	0.008774	−0.190%	$867K	$927K	—	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008785	−0.068%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008779	−0.137%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0144%	1h	0.008786	−0.057%	$309K	$315K	10x
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.023%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0006%	1h	0.008779	−0.137%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008792	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	−0.051%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0030%	1h	0.008782	−0.105%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.330%	$458K	$2.1M	10x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008791	long leg	$307K	$741K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008794	+0.034%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008789	−0.023%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	+0.018%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008784	−0.080%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008787	−0.046%	$36.5M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008786	−0.057%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.125%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	−0.057%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008786	−0.057%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008791	0.000%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008778	−0.148%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	−0.102%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008995	+2.321%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008790	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008809	+0.205%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008785	−0.071%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008788	−0.034%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008781	−0.115%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	−0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008787	−0.046%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.091%	$94K	$104K	50x	as long as short