Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Orderly against ApeX Omni−0.231%50s7-day average −0.046% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 3 days (all we have)+0.320%+$32 · spread now −0.231%, 7d avg −0.046%

Together, before fees+0.309%+$31 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: Orderly is 0.185% cheaper against ApeX Omni than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.046%. The two prices were read 50 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	0.008672	0.0100	pay 0.0013% / 1h	35m 37s	$79K	$253K	50x
Short	Orderly PERP_PENGU_USDC	0.008652	0.0100	get 0.0050% / 4h	2h 35m	$21K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.231%Rate

Funding earned: $0
Price spread: −0.231% → −0.046%: −$18.51
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$34.51
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 51 min ago; Orderly: no order-book sample. Net counts fees only.

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, 51 min ago	4.56 bp	11.6 bp −$12	97.1 bp −$971	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0553%	1h	0.008654	−0.205%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0386%	4h	0.008665	−0.081%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0215%	4h	0.008666	−0.069%	$22.4M	$35.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0212%	1h	0.008653	−0.219%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0126%	1h	0.008648	−0.277%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.496%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−0.065%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008652	−0.228%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008677	+0.058%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008664	−0.092%	$295K	$720K	8x	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	+0.0100%	1h	0.008670	−0.029%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008664	−0.092%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008665	−0.080%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	−0.069%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008674	+0.017%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008672	0.000%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008667	−0.058%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008665	−0.081%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008675	+0.035%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008657	−0.173%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.132%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008666	−0.069%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008672	long leg	$79K	$253K	50x
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008652	−0.231%	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008861	+2.179%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008649	−0.265%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008672	0.000%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008670	−0.029%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008653	−0.219%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008673	+0.010%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008673	+0.012%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008654	−0.208%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.303%	$92K	$96K	50x	as long as short