PENGU Funding Rate — live across 16 venues
Compared across 16 supported venues · net of estimated fees · updated every few minutes
Live annualized PENGU perpetual funding across all 16 venues Perpia tracks. Right now PENGU funding is positive on 15 and negative on 1, ranging from +67.6% on BackPack to -8.0% on Variational — a spread of 75.6%. The widest delta-neutral trade is long Variational / short BackPack at 72.7% net APR.
PENGU funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
PENGU funding rate by venue
29 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| BackPack↗ | +67.6% | 1h |
| Extended↗ | +11.4% | 1h |
| MEXC↗ | +10.9% | 4h |
| Binance↗ | +10.9% | 4h |
| Nado↗ | +10.9% | 24h |
| OKX↗ | +10.9% | 4h |
| Bybit↗ | +10.9% | 4h |
| BingX↗ | +10.9% | 4h |
| Gate.io↗ | +10.9% | 4h |
| KuCoin↗ | +10.9% | 4h |
| Aster↗ | +10.9% | 4h |
| Bitget↗ | +10.9% | 4h |
| Hyperliquid↗ | +10.9% | 1h |
| Pacifica↗ | +10.9% | 1h |
| Lighter↗ | +10.5% | 8h |
| Variational↗ | -8.0% | 4h |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Variational vs BackPack page.
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PENGU funding — FAQ
Is PENGU funding positive right now?
PENGU perpetual funding is positive on 15 of 16 venues Perpia tracks and negative on 1. The highest is +67.6% on BackPack; the lowest is -8.0% on Variational.
What is the best PENGU funding arbitrage right now?
Go long Variational and short BackPack for about 72.7% net APR after fees — the widest delta-neutral PENGU spread Perpia currently sees.
Which exchange has the highest PENGU funding rate?
BackPack, at +67.6% annualized. Funding shifts continuously, so check the live table above before trading.
How PENGU funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to PENGU
Markets also quoted on both BackPack and Variational — the same two exchanges you would already have funded for the PENGU trade.
See every spread between them on the BackPack vs Variational page.