Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.018%

Price spread now: ApeX Omni against Backpack−0.701%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.954%+$95 · spread now −0.701%, 7d avg +0.066%

Together, before fees+1.025%+$102 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: ApeX Omni is 0.766% cheaper against Backpack than usual: you would sell low and buy high, −$77 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008850	0.0100	pay 0.0013% / 1h	30m 45s	$294K	$312K	10x
Short	ApeX Omni PENGUUSDT	0.008788	0.0100	get 0.0013% / 1h	30m 45s	$80K	$242K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now −0.701%Rate

Funding earned: $0
Price spread: −0.701% → +0.066%: −$76.61
Slippage, 4 orders: −$45.8
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$142.42
Costs to cover: 0.658%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; ApeX Omni: live order book, 26 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 Backpack live order book, 28 min ago	0.57 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 26 min ago	5.14 bp	12.5 bp −$13	101.2 bp −$1,012	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	0.008837	−0.147%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008834	−0.177%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.689%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0058%	4h	0.008860	+0.113%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008839	−0.124%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008863	+0.147%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008838	−0.136%	$23K	$124K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008864	+0.158%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008856	+0.071%	$122K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008858	+0.090%	$156K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008856	+0.068%	$37.0M	$162.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008858	+0.090%	$23.4M	$39.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008863	+0.147%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	+0.226%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008864	+0.158%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008862	+0.136%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008866	+0.181%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008860	+0.113%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008850	long leg	$294K	$312K	10x
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.215%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−1.130%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008788	−0.701%	$80K	$242K	50x
Nado PENGU-PERP	+0.0100%	1h	0.008833	−0.198%	$594K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009060	+2.373%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008841	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008855	+0.056%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008864	+0.154%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008835	−0.169%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008836	−0.161%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008834	−0.181%	$1.5M	$3.6M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008849	−0.011%	$346K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0487%	1h	0.008854	+0.044%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0515% / S −0.0584%	1h	0.008834	−0.181%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008822	−0.316%	$94K	$60K	50x	as long as short