Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against ApeX Omni−0.313%96s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as 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−$350.355% of the position

Long on ApeX Omni Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.220%+$22 · spread now −0.313%, 7d avg −0.051%

Together, before fees+0.214%+$21 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: MEXC is 0.262% cheaper against ApeX Omni than usual: you would sell low and buy high, −$26 on $10k if it goes back to its 7-day average of −0.051%. The two prices were read 96 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	0.008954	0.0100	pay 0.0013% / 1h	11m 58s	$82K	$250K	50x
Short	MEXC PENGU_USDT	0.008926	0.0100	get 0.0050% / 4h	3h 11m	$13.1M	$12.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.313%Rate

Funding earned: $0
Price spread: −0.313% → −0.051%: −$26.19
Slippage, 4 orders: −$25.49
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$61.68
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 60 min ago; MEXC: 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, 60 min ago	5.75 bp	14.7 bp −$15	101.3 bp −$1,013	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.12 bp	3.3 bp −$3	12.9 bp −$129	55.5 bp −$5,546	103.3 bp −$51.6K

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	−0.0387%	1h	0.008944	−0.115%	$372K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0284%	4h	0.008927	−0.302%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0192%	1h	0.008942	−0.134%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0157%	4h	0.008900	−0.602%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0086%	1h	0.008931	−0.257%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008937	−0.195%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.843%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0096%	1h	0.008947	−0.081%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008940	−0.156%	$310K	$731K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008933	−0.235%	$24K	$173K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008932	−0.246%	$8.4M	$15.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008937	−0.187%	$191K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008948	−0.067%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008931	−0.257%	$37.9M	$156.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008930	−0.268%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008934	−0.223%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.156%	$20K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008926	−0.313%	$13.1M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008933	−0.235%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008935	−0.212%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008927	−0.302%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008927	−0.302%	$307K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008949	−0.056%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008954	long leg	$82K	$250K	50x
Nado PENGU-PERP	+0.0100%	1h	0.008935	−0.212%	$708K	$765K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009144	+2.122%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008934	−0.223%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008965	+0.123%	$92K	$301K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008927	−0.307%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008926	−0.313%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008929	−0.276%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008954	0.000%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008935	−0.212%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.603%	$96K	$104K	50x	as long as short