Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0191%/8h= −21.0% APRpaid last 24h −0.030%

Price spread now: Backpack against SunX−2.311%49s7-day average −2.752% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 3 days (all we have)−0.175%−$17 · spread now −2.311%, 7d avg −2.752%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.441% dearer against SunX than usual: you sell high and buy low (spread −2.311% now, against its 7-day average of −2.752%): +$44 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 7.7 days. At the pace of the last 7 days (−0.076% in total) that is about 40 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% a year). A funding rate is set anew for every payment. 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	SunX PENGU-USDT	0.008872	0.0100	pay 0.0050% / 4h	2h 33m	$3K	$2.1M	10x
Short	Backpack PENGU_USDC_PERP	0.008667	−0.0091	pay 0.0011% / 1h	33m 16s	$309K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −2.311%Rate

Funding earned: −$40.21
Price spread: −2.311% → −2.752%: $44.14
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$14.07
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: SunX: live order book, 3 min ago; Backpack: live order book, 55 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 SunX live order book, 3 min ago	252.10 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 55 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	0.008665	−2.334%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0366%	4h	0.008658	−2.412%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008664	−2.344%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0179%	4h	0.008655	−2.446%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−1.770%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERPshort	−0.0091%	1h	0.008667	−2.311%	$309K	$315K	10x
dYdX PENGU-USD	0.0000%	1h	0.008666	−2.318%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	−2.333%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008670	−2.277%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008668	−2.299%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008666	−2.322%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008669	−2.288%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008671	−2.265%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008669	−2.288%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008664	−2.340%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	−2.390%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−2.277%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008665	−2.333%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008666	−2.322%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008665	−2.333%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008651	−2.491%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−2.534%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	−2.256%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−2.254%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008665	−2.333%	$21K	$184K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008872	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008661	−2.378%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008687	−2.085%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008660	−2.395%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	−2.390%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008663	−2.358%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	−2.220%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	−2.356%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	−0.981%	$92K	$96K	50x	as long as short