Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Hyperliquid against ApeX Omni−0.805%64s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as 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−$430.431% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.732%+$73 · spread now −0.805%, 7d avg −0.007%

Together, before fees+0.665%+ Points / potential airdropHyperliquid: Season 2 · farm board+$66 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.798% cheaper against ApeX Omni than usual: you would sell low and buy high, −$80 on $10k if it goes back to its 7-day average of −0.007%. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.008819	0.0100	pay 0.0013% / 1h	32m 15s	$80K	$250K	50x
Short	Hyperliquid PENGU	0.008748	0.0100	get 0.0013% / 1h	32m 15s	$8.0M	$15.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.805%Rate

Funding earned: $0
Price spread: −0.805% → −0.007%: −$79.79
Slippage, 4 orders: −$24.15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$122.94
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 14 min ago; Hyperliquid: live order book, 11 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, 14 min ago	5.11 bp	13.1 bp −$13	103.8 bp −$1,038	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.14 bp	7.7 bp −$8	17.9 bp −$179	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008740	−0.896%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	−0.860%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.340%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008744	−0.850%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008742	−0.873%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008748	−0.805%	$8.0M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008744	−0.846%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008750	−0.782%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	−0.841%	$36.9M	$176.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008738	−0.918%	$23.1M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008743	−0.862%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.782%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008740	−0.896%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	−0.828%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008740	−0.896%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008740	−0.896%	$8.3M	$13.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008734	−0.964%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008736	−0.941%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	−0.667%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	−0.452%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008819	long leg	$80K	$250K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008746	−0.828%	$22K	$163K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008955	+1.542%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	−0.884%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008772	−0.533%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008734	−0.965%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.918%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0173%	1h	0.008747	−0.813%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008757	−0.703%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008738	−0.915%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008746	−0.833%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	−0.782%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0462%	1h	0.008745	−0.839%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.068%	$78K	$76K	50x	as long as short