Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Bybit against ApeX Omni−0.045%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.045%, 7d avg −0.093%

Together, before fees−0.173%−$17 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: Bybit is 0.047% dearer against ApeX Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.008827	0.0100	pay 0.0013% / 1h	34m 56s	$80K	$254K	50x
Short	Bybit PENGUUSDT	0.008823	0.0100	get 0.0050% / 4h	3h 34m	$23.2M	$37.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → −0.093%: $4.74
Slippage, 4 orders: −$29.68
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$45.94
Costs to cover: 0.507%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 37 min ago; Bybit: live order book, 4 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 ApeX Omni live order book, 37 min ago	5.75 bp	14.7 bp −$15	101.3 bp −$1,013	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.57 bp	11.6 bp −$12	22.2 bp −$222	182.0 bp −$18.2K	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	−0.0392%	1h	0.008831	+0.046%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008824	−0.034%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.149%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008825	−0.023%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008829	+0.021%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.430%	$3K	$117K	5.5x	as long as short
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.370%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0075%	1h	0.008818	−0.096%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008848	+0.236%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008832	+0.057%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	0.000%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008827	0.000%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.036%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008841	+0.159%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008825	−0.023%	$36.9M	$155.2M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008823	−0.045%	$23.2M	$37.4M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008824	−0.034%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	+0.011%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008831	+0.045%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008827	0.000%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008824	−0.034%	$307K	$317K	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008827	long leg	$80K	$254K	50x
SunX PENGU-USDT	+0.0100%	4h	0.009033	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008821	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.397%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	−0.043%	$182K	$922K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.136%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.110%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008829	+0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008827	0.000%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.408%	$94K	$103K	50x	as long as short