Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against ApeX Omni−0.391%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 4 days (all we have)+0.581%+$58 · spread now −0.391%, 7d avg −0.036%

Together, before fees+1.062%+$106 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.355% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.391% now, against its 7-day average of −0.036%). If the spread goes back, that is −$36 on $10k: about 4.9 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.008704	0.0100	pay 0.0013% / 1h	47m 44s	$79K	$243K	50x
Short	BloFin PENGU-USDT	0.008670	0.0340	get 0.0170% / 4h	47m 44s	$1.5M	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX Omni. 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now −0.391%Rate

Funding earned: $50.4
Price spread: −0.391% → −0.036%: −$35.5
Slippage, 4 orders: −$25.1
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$32.2
Costs to cover: 0.471%
Break-even: 11.5 days

Slippage from ApeX Omni: live order book, 9 min ago; BloFin: live order book, 6 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 ApeX Omni live order book, 9 min ago	5.14 bp	13.2 bp −$13	108.3 bp −$1,083	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	1.72 bp	9.0 bp −$9	10.9 bp −$109	37.4 bp −$3,741	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008686	−0.207%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008686	−0.209%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008680	−0.276%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.977%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008691	−0.149%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008684	−0.230%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008686	−0.207%	$23K	$129K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008683	−0.236%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008682	−0.253%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008685	−0.219%	$120K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008684	−0.230%	$153K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008683	−0.239%	$36.1M	$161.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008680	−0.276%	$22.9M	$39.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008681	−0.264%	$7.2M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	−0.161%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008683	−0.241%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008687	−0.195%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008680	−0.276%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008675	−0.333%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008683	−0.241%	$296K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	−0.104%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.428%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008704	long leg	$79K	$243K	50x
SunX PENGU-USDT	+0.0100%	4h	0.008902	+2.275%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008680	−0.276%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	−0.149%	$90K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008679	−0.285%	$179K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008682	−0.253%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008682	−0.254%	$293	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008670	−0.391%	$1.5M	$3.5M	75x
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008686	−0.203%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0387%	1h	0.008685	−0.222%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0494% / S −0.0419%	1h	0.008686	−0.207%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.022%	$95K	$61K	50x	as long as short