Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0258%/8h= −28.3% APRpaid last 24h −0.035%

Price spread now: Gate against ApeX Omni−0.413%66s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$630.628% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 3 days (all we have)+0.365%+$36 · spread now −0.413%, 7d avg −0.052%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.361% cheaper against ApeX Omni than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.052%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.106% in total (about -5.5% a year). A funding rate is set anew for every payment. 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	ApeX Omni PENGUUSDT	0.008958	0.0100	pay 0.0013% / 1h	6m 28s	$82K	$248K	50x
Short	Gate PENGU_USDT	0.008921	−0.0158	pay 0.0079% / 4h	3h 06m	$3.5M	$15.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.413%Rate

Funding earned: −$54.18
Price spread: −0.413% → −0.052%: −$36.12
Slippage, 4 orders: −$37.81
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$153.11
Costs to cover: 0.628%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 65 min ago; Gate: live order book, 2 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, 65 min ago	5.75 bp	14.7 bp −$15	101.3 bp −$1,013	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.24 bp	17.2 bp −$17	53.4 bp −$534	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
Kraken Futures PF_PENGUUSD	−0.0386%	1h	0.008948	−0.117%	$372K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0176%	1h	0.008918	−0.447%	$204	$59	5x	as long as short
Gate PENGU_USDTshort	−0.0158%	4h	0.008921	−0.413%	$3.5M	$15.9M	75x
Variational Omni PENGU	−0.0122%	4h	0.008913	−0.502%	$920K	$976K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008939	−0.212%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008923	−0.396%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.887%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008939	−0.212%	$310K	$732K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008918	−0.447%	$19K	$178K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008920	−0.419%	$707K	$765K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008923	−0.391%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008926	−0.353%	$191K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008930	−0.313%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008920	−0.429%	$37.7M	$156.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008911	−0.525%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008914	−0.491%	$7.7M	$48.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008920	−0.424%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008922	−0.402%	$13.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008922	−0.402%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008921	−0.413%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008909	−0.547%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008946	−0.134%	$307K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008952	−0.072%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008958	long leg	$82K	$248K	50x
SunX PENGU-USDT	+0.0100%	4h	0.009148	+2.121%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008936	−0.246%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008948	−0.112%	$92K	$301K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008915	−0.477%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008920	−0.424%	$206K	—	3x	as long as short
dYdX PENGU-USD	+0.0106%	1h	0.008930	−0.311%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008920	−0.424%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008945	−0.145%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008923	−0.391%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.558%	$96K	$104K	50x	as long as short