PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0477%/8h= +52.2% APRnext payment +$0.60 per $10,000 · paid last 24h +0.016%

Price spread now: ApeX Omni against Backpack+0.265%7-day average +0.066% · 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−$28as in the Price arb table

costs, in and out, $10k−$480.476% 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)−0.012%−$1 · spread now +0.265%, 7d avg +0.066%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and ApeX Omni is 0.199% dearer against Backpack than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.066%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.60 per $10,000. 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	Backpack PENGU_USDC_PERP	0.009059	0.0100	pay 0.0013% / 1h	50m 39s	$303K	$329K	10x
Short	ApeX Omni PENGUUSDT	0.009083	0.0577	get 0.0072% / 1h	50m 39s	$92K	$247K	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 +0.265%Rate

Funding earned: $100.18
Price spread: +0.265% → +0.066%: $19.94
Slippage, 4 orders: −$27.57
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $72.54
Costs to cover: 0.476%
Break-even: 1.9 days

Slippage from Backpack: live order book, 3 min ago; ApeX Omni: live order book, 1 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, 3 min ago	0.55 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 1 min ago	4.96 bp	12.2 bp −$12	96.9 bp −$969	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	0.009072	+0.144%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009069	+0.111%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.980%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0036%	1h	0.009045	−0.152%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.009062	+0.033%	$207	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009053	−0.066%	$335K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009063	+0.044%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009061	+0.019%	$130K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009044	−0.166%	$159K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009047	−0.135%	$38.9M	$169.0M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009037	−0.243%	$24.0M	$40.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009036	−0.254%	$7.8M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	−0.210%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009040	−0.210%	$3.4M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009044	−0.166%	$11.1M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009043	−0.177%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009040	−0.210%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009039	−0.221%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.009059	long leg	$303K	$329K	10x
Variational Omni PENGU	+0.0100%	4h	0.009060	+0.010%	$945K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009065	+0.066%	$476K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009058	−0.006%	$609K	$1.0M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009072	+0.144%	$24K	$84K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009285	+2.495%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009061	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009082	+0.254%	$94K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009031	−0.306%	$187K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009074	+0.166%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009069	+0.107%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009071	+0.132%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0477%	1h	0.009066	+0.077%	$128K	—	100x	as long as short
ApeX Omni PENGUUSDTshort	+0.0577%	1h	0.009083	+0.265%	$92K	$247K	50x
Kraken Futures PF_PENGUUSD	+0.0603%	1h	0.009068	+0.101%	$353K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008976	−0.916%	$96K	$61K	50x	as long as short