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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: ApeX Omni against Hyperliquid+0.115%105s7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$480.475% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.115%, 7d avg +0.003%

Together, before fees+0.123%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 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 0.112% dearer against Hyperliquid than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.003%. The two prices were read 105 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	Hyperliquid PENGU	0.008679	0.0100	pay 0.0013% / 1h	13m 36s	$8.7M	$15.2M	5x
Short	ApeX Omni PENGUUSDT	0.008689	0.0100	get 0.0013% / 1h	13m 36s	$79K	$253K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now +0.115%Rate

Funding earned: $0
Price spread: +0.115% → +0.003%: $11.25
Slippage, 4 orders: −$28.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$36.28
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; ApeX Omni: live order book, 8 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 Hyperliquid live order book, 9 min ago	1.15 bp	8.3 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 8 min ago	7.46 bp	15.2 bp −$15	104.6 bp −$1,046	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	−0.0551%	1h	0.008689	+0.115%	$386K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0276%	4h	0.008670	−0.104%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0210%	1h	0.008684	+0.058%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.415%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0019%	1h	0.008684	+0.058%	$310K	$314K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008684	+0.058%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008685	+0.069%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0007%	1h	0.008685	+0.067%	$11K	$4K	5x	as long as short
Bybit PENGUUSDT	+0.0047%	4h	0.008663	−0.184%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008670	−0.104%	$297K	$723K	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	0.008679	+0.003%	$674K	$756K	5x	as long as short
Hyperliquid PENGUlong	+0.0100%	1h	0.008679	long leg	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008687	+0.097%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008668	−0.127%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008671	−0.097%	$35.8M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008665	−0.161%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.219%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	−0.104%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008679	0.000%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008672	−0.081%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008669	−0.115%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008675	−0.045%	$797K	$715K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.038%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008689	+0.115%	$79K	$253K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008684	+0.058%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008893	+2.466%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008682	+0.035%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008699	+0.230%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	−0.183%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008680	+0.012%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008679	+0.005%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008671	−0.092%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008685	+0.069%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.565%	$94K	$97K	50x	as long as short