Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.029%

Price spread now: ApeX Omni against Backpack−0.346%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)+0.433%+$43 · spread now −0.346%, 7d avg +0.056%

Together, before fees+0.504%+$50 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: ApeX Omni is 0.402% cheaper against Backpack than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008950	0.0100	pay 0.0013% / 1h	8m 36s	$308K	$322K	10x
Short	ApeX Omni PENGUUSDT	0.008919	0.0100	get 0.0013% / 1h	8m 36s	$81K	$248K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now −0.346%Rate

Funding earned: $0
Price spread: −0.346% → +0.056%: −$40.24
Slippage, 4 orders: −$29.32
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$89.55
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; ApeX Omni: live order book, 63 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 Backpack live order book, 65 min ago	0.57 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 63 min ago	5.75 bp	14.2 bp −$14	110.1 bp −$1,101	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	0.008961	+0.126%	$373K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0184%	1h	0.008949	−0.011%	$205	$59	5x	as long as short
Gate PENGU_USDT	−0.0182%	4h	0.008932	−0.201%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0122%	4h	0.008913	−0.413%	$920K	$976K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008953	+0.034%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008957	+0.078%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.799%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008949	−0.011%	$310K	$731K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008952	+0.022%	$24K	$172K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008948	−0.020%	$709K	$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	0.008948	−0.022%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008954	+0.040%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008943	−0.078%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008946	−0.045%	$37.9M	$156.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008941	−0.101%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008946	−0.045%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.112%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008941	−0.101%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008948	−0.022%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008952	+0.022%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008932	−0.201%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008950	long leg	$308K	$322K	10x
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008937	−0.145%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.008919	−0.346%	$81K	$248K	50x
SunX PENGU-USDT	+0.0100%	4h	0.009169	+2.447%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008950	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008961	+0.123%	$92K	$301K	25x	as long as short
dYdX PENGU-USD	+0.0101%	1h	0.008952	+0.020%	$12K	$4K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008938	−0.134%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008945	−0.056%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008946	−0.047%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008944	−0.067%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0523% / S −0.0723%	1h	0.008957	+0.078%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.648%	$96K	$104K	50x	as long as short