Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0311%/8h= −34.0% APRpaid last 24h −0.020%

Price spread now: Bybit against ApeX Omni+0.387%69s7-day average −0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$530.533% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 3 days (all we have)−0.480%−$48 · spread now +0.387%, 7d avg −0.093%

Together, before fees−0.605%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.480% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.387% now, against its 7-day average of −0.093%): +$48 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−0.125% in total) that is about 27 days. The two prices were read 69 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 -0.125% in total (about -6.5% 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	ApeX Omni PENGUUSDT	0.008789	0.0100	pay 0.0013% / 1h	42m 20s	$80K	$254K	50x
Short	Bybit PENGUUSDT	0.008823	−0.0211	pay 0.0105% / 4h	3h 42m	$23.1M	$37.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.387%Rate

Funding earned: −$65.25
Price spread: +0.387% → −0.093%: $47.96
Slippage, 4 orders: −$32.25
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$70.54
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 29 min ago; Bybit: live order book, 1 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, 29 min ago	5.75 bp	14.7 bp −$15	101.3 bp −$1,013	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.57 bp	14.6 bp −$15	31.4 bp −$314	139.8 bp −$14.0K	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	−0.0391%	1h	0.008846	+0.644%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0338%	4h	0.008828	+0.444%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.317%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	+0.501%	$202	$59	5x	as long as short
Bybit PENGUUSDTshort	−0.0211%	4h	0.008823	+0.387%	$23.1M	$37.2M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008829	+0.455%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	+0.421%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008833	+0.502%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perp	+0.0024%	4h	0.008798	+0.102%	$466K	$2.1M	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	0.000%	$3K	$117K	5.5x	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	+0.0051%	1h	0.008833	+0.501%	$700K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008828	+0.439%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	+0.432%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008833	+0.501%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	+0.478%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	+0.530%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008829	+0.455%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	+0.489%	$36.9M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	+0.489%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.466%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008829	+0.455%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.489%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.512%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008823	+0.387%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008789	long leg	$80K	$254K	50x
SunX PENGU-USDT	+0.0100%	4h	0.009034	+2.788%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008831	+0.478%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.410%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008828	+0.446%	$181K	$797K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008822	+0.375%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008829	+0.453%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	+0.387%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008831	+0.478%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008850	+0.694%	$94K	$103K	50x	as long as short