Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: ApeX Omni against BloFin−0.211%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on BloFin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.486%−$49 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.211%, 7d avg +0.038%

Together, before fees−0.423%−$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and ApeX Omni is 0.249% cheaper against BloFin than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.009005	0.0340	pay 0.0170% / 4h	3h 45m	$1.6M	$4.1M	75x
Short	ApeX Omni PENGUUSDT	0.008986	0.0100	get 0.0013% / 1h	45m 00s	$91K	$247K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BloFin. 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 BloFinbpFee ApeX OmnibpOrdersPrice spread, now −0.211%Rate

Funding earned: −$50.4
Price spread: −0.211% → +0.038%: −$24.92
Slippage, 4 orders: −$28.07
Fee BloFin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$125.4
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 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 BloFin live order book, 3 min ago	5.54 bp	12.6 bp −$13	18.5 bp −$185	46.2 bp −$4,620	doesn't fit
Sell ApeX Omni live order book, 6 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	0.009018	+0.144%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009007	+0.018%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0023%	1h	0.008992	−0.146%	$12K	$5K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.399%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008991	−0.155%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009023	+0.200%	$333K	$746K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008989	−0.172%	$603K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009020	+0.167%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009014	+0.100%	$126K	$602K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008991	−0.155%	$139K	$270K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009015	+0.108%	$38.6M	$169.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009003	−0.022%	$24.0M	$40.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009003	−0.022%	$7.9M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008990	−0.167%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009011	+0.067%	$3.4M	$16.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009007	+0.022%	$11.2M	$12.5M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009010	+0.056%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009013	+0.089%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009007	+0.022%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009012	+0.078%	$301K	$328K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008992	−0.145%	$938K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009005	−0.006%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008986	−0.211%	$91K	$247K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009013	+0.089%	$24K	$78K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009232	+2.521%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009014	+0.100%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009012	+0.078%	$93K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009004	−0.011%	$186K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009011	+0.067%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008998	−0.076%	$304	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.009005	long leg	$1.6M	$4.1M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0415%	1h	0.009007	+0.022%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0606%	1h	0.009024	+0.210%	$353K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009060	+0.611%	$96K	$61K	50x	as long as short