Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: Backpack against ApeX Omni+0.197%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on ApeX Omni Short on Backpack

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)−0.646%−$65 · spread now +0.197%, 7d avg −0.071%

Together, before fees−0.717%−$72 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: Backpack is 0.268% dearer against ApeX Omni than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.009151	0.0100	pay 0.0013% / 1h	13m 03s	$80K	$252K	50x
Short	Backpack PENGU_USDC_PERP	0.009169	0.0100	get 0.0013% / 1h	13m 03s	$303K	$374K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.197%Rate

Funding earned: $0
Price spread: +0.197% → −0.071%: $26.8
Slippage, 4 orders: −$27.52
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.73
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 19 min ago; Backpack: live order book, 21 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, 19 min ago	5.54 bp	13.6 bp −$14	98.7 bp −$987	doesn't fit	doesn't fit
Sell Backpack live order book, 21 min ago	0.55 bp	11.3 bp −$11	doesn't fit	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
Gate PENGU_USDT	−0.0076%	4h	0.009168	+0.186%	$3.7M	$18.2M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009164	+0.138%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.956%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009171	+0.219%	$329K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009162	+0.120%	$650K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009181	+0.328%	$9.5M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009170	+0.208%	$132K	$771K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009175	+0.262%	$140K	$234K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009173	+0.240%	$40.8M	$196.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009169	+0.197%	$24.8M	$47.0M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009167	+0.175%	$8.4M	$58.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009180	+0.317%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009171	+0.219%	$11.7M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009165	+0.153%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009172	+0.229%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009168	+0.186%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERPshort	+0.0100%	1h	0.009169	+0.197%	$303K	$374K	10x
Variational Omni PENGU	+0.0100%	4h	0.009151	+0.002%	$946K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009152	+0.008%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.009151	long leg	$80K	$252K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009164	+0.142%	$24K	$341K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009378	+2.481%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009163	+0.131%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009187	+0.393%	$96K	$417K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009171	+0.220%	$188K	$747K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009159	+0.087%	$212K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0186%	1h	0.009169	+0.197%	$1K	$28K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009158	+0.075%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009170	+0.208%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009185	+0.372%	$210	$141	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009167	+0.176%	$339K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009163	+0.131%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1513%	1h	0.009172	+0.230%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009225	+0.809%	$81K	$73K	50x	as long as short