Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: ApeX Omni against Orderly−0.069%7-day average +0.053% · you buy dearer than you sell

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.069%, 7d avg +0.053%

Together, before fees−0.026%−$3 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 0.122% cheaper against Orderly than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008756	0.0100	pay 0.0050% / 4h	2h 22m	$23K	$173K	20x
Short	ApeX Omni PENGUUSDT	0.008750	0.0100	get 0.0013% / 1h	22m 58s	$79K	$251K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → +0.053%: −$12.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$28.17
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 24 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 24 min ago	5.11 bp	13.1 bp −$13	105.1 bp −$1,051	doesn't fit	doesn't fit

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008758	+0.023%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008754	−0.020%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.377%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008759	+0.034%	$317K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008768	+0.137%	$8.0M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008772	+0.180%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008758	+0.023%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	+0.226%	$37.0M	$177.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008761	+0.057%	$23.2M	$41.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	+0.148%	$7.5M	$50.7M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.069%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008757	+0.011%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008771	+0.171%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008761	+0.057%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008771	+0.171%	$8.4M	$13.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008766	+0.114%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008759	+0.034%	$289K	$338K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008742	−0.159%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008765	+0.103%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008750	−0.069%	$79K	$251K	50x
Nado PENGU-PERP	+0.0100%	1h	0.008749	−0.080%	$587K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008756	long leg	$23K	$173K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008960	+2.330%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008757	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	+0.103%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	+0.173%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008749	−0.080%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008753	−0.034%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008759	+0.033%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008750	−0.072%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008761	+0.058%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008757	+0.011%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0466%	1h	0.008751	−0.057%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.788%	$78K	$76K	50x	as long as short