Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0002%/8h= −0.3% APRpaid last 24h −0.032%

Price spread now: Backpack against MEXC−0.113%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.113%, 7d avg −0.005%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.108% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008824	0.0100	pay 0.0050% / 4h	48m 55s	$12.6M	$12.6M	125x
Short	Backpack PENGU_USDC_PERP	0.008814	0.0098	get 0.0012% / 1h	48m 55s	$314K	$308K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$0.51
Price spread: −0.113% → −0.005%: −$10.83
Slippage, 4 orders: −$17.63
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.97
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 29 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 MEXC live order book, 4 min ago	0.57 bp	2.4 bp −$2	12.6 bp −$126	57.3 bp −$5,730	131.1 bp −$65.5K
Sell Backpack live order book, 29 min ago	0.57 bp	12.5 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	−0.0339%	1h	0.008823	−0.009%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0250%	4h	0.008820	−0.045%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0226%	4h	0.008817	−0.079%	$22.9M	$36.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008813	−0.125%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0156%	4h	0.008825	+0.016%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008816	−0.091%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.397%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008821	−0.040%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008826	+0.022%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0072%	1h	0.008821	−0.028%	$689K	$762K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008818	−0.068%	$308K	$740K	8x	as long as short
Backpack PENGU_USDC_PERPshort	+0.0098%	1h	0.008814	−0.113%	$314K	$308K	10x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008812	−0.136%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	−0.079%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008825	+0.010%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008823	−0.011%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	−0.023%	$36.7M	$153.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008821	−0.034%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008824	long leg	$12.6M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008825	+0.011%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008829	+0.057%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008813	−0.125%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008826	+0.019%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008833	+0.102%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009032	+2.357%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	−0.147%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008841	+0.193%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.018%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.102%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.119%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.159%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008820	−0.045%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.295%	$94K	$104K	50x	as long as short