Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0421%/8h= +46.1% APRpaid last 24h 0.000%

Price spread now: ApeX Omni against Bybit−0.194%7-day average +0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)+0.313%+$31 · spread now −0.194%, 7d avg +0.091%

Together, before fees+0.422%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.285% cheaper against Bybit than usual: you would sell low and buy high (spread −0.194% now, against its 7-day average of +0.091%). If the spread goes back, that is −$28 on $10k: about 2.3 days of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.108% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% 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	Bybit PENGUUSDT	0.008758	−0.0321	get 0.0161% / 4h	5m 07s	$22.8M	$37.0M	75x
Short	ApeX Omni PENGUUSDT	0.008741	0.0100	get 0.0013% / 1h	5m 07s	$80K	$254K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.194%Rate

Funding earned: $88.47
Price spread: −0.194% → +0.091%: −$28.49
Slippage, 4 orders: −$27.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $11.29
Costs to cover: 0.487%
Break-even: 6.1 days

Slippage from Bybit: live order book, 4 min ago; ApeX Omni: live order book, 6 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 Bybit live order book, 4 min ago	0.57 bp	9.4 bp −$9	21.0 bp −$210	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 6 min ago	5.75 bp	14.2 bp −$14	110.1 bp −$1,101	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
Kraken Futures PF_PENGUUSD	−0.0341%	1h	0.008769	+0.127%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDTlong	−0.0321%	4h	0.008758	long leg	$22.8M	$37.0M	75x
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.327%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008761	+0.034%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0272%	1h	0.008752	−0.069%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008761	+0.034%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0015%	1h	0.008751	−0.080%	$696K	$777K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008759	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008757	−0.014%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0022%	1h	0.008753	−0.053%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0082%	4h	0.008733	−0.290%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008765	+0.080%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0098%	4h	0.008763	+0.057%	$7.5M	$47.1M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008755	−0.034%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008764	+0.069%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008766	+0.093%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008749	−0.103%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	+0.137%	$36.3M	$155.2M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008763	+0.057%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008760	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008767	+0.103%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008763	+0.057%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008741	−0.194%	$80K	$254K	50x
SunX PENGU-USDT	+0.0100%	4h	0.008963	+2.341%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008761	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008776	+0.206%	$92K	$262K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008757	−0.014%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008755	−0.034%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008753	−0.058%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008758	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008757	−0.011%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.114%	$93K	$103K	50x	as long as short