PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0089%/8h= −9.8% APRnext payment −$0.11 per $10,000 · paid last 24h −0.028%

Price spread now: Backpack against Nado+0.063%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.339%−$34 · spread now +0.063%, 7d avg −0.018%

Together, before fees−0.346%+ Points / potential airdropNado: Active · farm board−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.081% dearer against Nado than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.018%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 3 days (−0.007% in total) that is about 37 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008789	0.0100	pay 0.0012% / 1h	57m 30s	$698K	$778K	5x
Short	Backpack PENGU_USDC_PERP	0.008795	0.0011	get 0.0001% / 1h	57m 30s	$309K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$18.72
Price spread: +0.063% → −0.018%: $8.08
Slippage, 4 orders: −$22.8
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$50.45
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Nado: live order book, 16 min ago; Backpack: live order book, 16 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 Nado live order book, 16 min ago	1.72 bp	10.5 bp −$11	23.5 bp −$235	doesn't fit	doesn't fit
Sell Backpack live order book, 16 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
Gate PENGU_USDT	−0.0606%	4h	0.008790	+0.006%	$3.4M	$15.4M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008802	+0.147%	$369K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0296%	4h	0.008774	−0.173%	$867K	$927K	—	as long as short
Bybit PENGUUSDT	−0.0291%	4h	0.008789	−0.006%	$22.9M	$37.1M	75x	as long as short
01 Exchange PENGUUSD	−0.0160%	1h	0.008796	+0.074%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008794	+0.048%	$33K	—	150x	as long as short
Backpack PENGU_USDC_PERPshort	+0.0011%	1h	0.008795	+0.063%	$309K	$315K	10x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.006%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0048%	1h	0.008793	+0.040%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008792	+0.028%	$308K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENGU_USDT_Perp	+0.0096%	4h	0.008787	−0.028%	$460K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008791	+0.017%	$23K	$186K	20x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008789	long leg	$698K	$778K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.051%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008794	+0.051%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	+0.017%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008793	+0.040%	$36.6M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008794	+0.051%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.119%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008790	+0.006%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008791	+0.017%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008794	+0.051%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008782	−0.085%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008791	+0.017%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008989	+2.270%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008792	+0.028%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008801	+0.131%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008792	+0.033%	$181K	$617K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008789	−0.006%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008782	−0.086%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008776	−0.154%	$1.5M	$2.8M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0432%	1h	0.008800	+0.119%	$18K	$10K	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008793	+0.040%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008799	+0.108%	$94K	$104K	50x	as long as short