Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.001%

Price spread now: Orderly against ApeX Omni+0.034%70s7-day average −0.051% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now +0.034%, 7d avg −0.051%

Together, before fees+0.032%+$3 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: Orderly is 0.085% dearer against ApeX Omni than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.051%. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENGUUSDT	0.008758	0.0100	pay 0.0013% / 1h	9m 45s	$80K	$243K	50x
Short	Orderly PERP_PENGU_USDC	0.008761	0.0099	get 0.0050% / 4h	1h 09m	$23K	$164K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.034%Rate

Funding earned: −$0.2
Price spread: +0.034% → −0.051%: $8.48
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.71
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 52 min ago; Orderly: no order-book sample. Net counts fees only.

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, 52 min ago	7.39 bp	15.3 bp −$15	106.7 bp −$1,067	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange PENGUUSD	−0.0032%	1h	0.008782	+0.274%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008761	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008763	+0.061%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008753	−0.057%	$3.3M	$15.7M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008764	+0.069%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008761	+0.034%	$23K	$164K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008768	+0.114%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008751	−0.080%	$8.2M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008762	+0.050%	$121K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008779	+0.240%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008751	−0.080%	$36.5M	$160.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008749	−0.103%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008749	−0.103%	$7.3M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.251%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	−0.034%	$11.3M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008758	0.000%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008755	−0.034%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008753	−0.057%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	0.000%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008756	−0.025%	$869K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008744	−0.156%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008758	long leg	$80K	$243K	50x
SunX PENGU-USDT	+0.0100%	4h	0.008992	+2.672%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008761	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008796	+0.434%	$92K	$352K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008747	−0.123%	$185K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008752	−0.069%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0232%	1h	0.008778	+0.231%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008763	+0.056%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	+0.251%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008762	+0.046%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008770	+0.143%	$348K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.386%	$95K	$90K	50x	as long as short