Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Hyperliquid against ApeX Omni+0.159%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on ApeX Omni Short on Hyperliquid

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)−0.969%−$97 · spread now +0.159%, 7d avg −0.012%

Together, before fees−1.040%+ Points / potential airdropHyperliquid: Season 2 · farm board−$104 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: Hyperliquid is 0.171% dearer against ApeX Omni than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.008806	0.0100	pay 0.0013% / 1h	25m 12s	$80K	$249K	50x
Short	Hyperliquid PENGU	0.008820	0.0100	get 0.0013% / 1h	25m 12s	$8.3M	$14.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.159%Rate

Funding earned: $0
Price spread: +0.159% → −0.012%: $17.13
Slippage, 4 orders: −$22.59
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.47
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 41 min ago; Hyperliquid: live order book, 8 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, 41 min ago	4.47 bp	13.3 bp −$13	96.5 bp −$965	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.13 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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	0.008827	+0.238%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008829	+0.259%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0022%	4h	0.008816	+0.114%	$3.4M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.193%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	+0.0043%	4h	0.008835	+0.330%	$879K	$1.0M	—	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008832	+0.295%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	+0.307%	$312K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008829	+0.261%	$19K	$161K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008820	+0.159%	$8.3M	$14.9M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008827	+0.234%	$143K	$508K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008820	+0.159%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008819	+0.148%	$37.7M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008811	+0.057%	$23.1M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008814	+0.091%	$7.5M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.273%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	+0.148%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008822	+0.182%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	+0.170%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008806	0.000%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	+0.102%	$302K	$304K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008842	+0.406%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008806	long leg	$80K	$249K	50x
Nado PENGU-PERP	+0.0100%	1h	0.008825	+0.216%	$594K	$988K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009047	+2.737%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008825	+0.216%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.466%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008824	+0.200%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008824	+0.204%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008836	+0.339%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008824	+0.207%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0278%	1h	0.008823	+0.199%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008829	+0.261%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.828%	$95K	$94K	50x	as long as short