Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0369%/8h= +40.4% APRpaid last 24h −0.035%

Price spread now: Gate against ApeX Omni−0.023%81s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$600.601% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$11 on $10k

Price spread, last 4 days (all we have)−0.350%−$35 · spread now −0.023%, 7d avg −0.059%

Together, before fees−0.456%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Gate is 0.036% dearer against ApeX Omni than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.059%. Mind the row above: over the last 7 days funding on this pair cost −0.105%, so the current rate has only just turned in your favour. The two prices were read 81 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 -0.105% in total (about -5.5% 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	0.008737	−0.0359	get 0.0045% / 1h	54m 00s	$80K	$242K	50x
Short	Gate PENGU_USDT	0.008735	0.0010	get 0.0005% / 4h	54m 00s	$3.3M	$15.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.023%Rate

Funding earned: $77.41
Price spread: −0.023% → −0.059%: $3.6
Slippage, 4 orders: −$35.08
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $20.93
Costs to cover: 0.601%
Break-even: 5.1 days

Slippage from ApeX Omni: live order book, 2 min ago; Gate: live order book, 5 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, 2 min ago	5.14 bp	13.2 bp −$13	108.3 bp −$1,083	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.86 bp	16.4 bp −$16	49.8 bp −$498	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
ApeX Omni PENGUUSDTlong	−0.0359%	1h	0.008737	long leg	$80K	$242K	50x
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008735	−0.023%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008741	+0.045%	$32K	—	150x	as long as short
Gate PENGU_USDTshort	+0.0010%	4h	0.008735	−0.023%	$3.3M	$15.5M	75x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.595%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008746	+0.103%	$200	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008741	+0.046%	$311K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008737	0.000%	$23K	$133K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008744	+0.086%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008743	+0.069%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008740	+0.040%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008749	+0.137%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008740	+0.038%	$36.4M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008735	−0.023%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008736	−0.011%	$7.2M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.149%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008739	+0.023%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008741	+0.046%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008737	0.000%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008738	+0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008737	0.000%	$298K	$295K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	+0.115%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.227%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008964	+2.598%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008737	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008749	+0.137%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008731	−0.065%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008728	−0.103%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008743	+0.072%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008738	+0.011%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008745	+0.089%	$342K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0442%	1h	0.008753	+0.180%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008740	+0.034%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.632%	$95K	$61K	50x	as long as short