Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: ApeX Omni against Bybit+1.337%69s7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$490.487% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 4 days (all we have)−1.157%−$116 · spread now +1.337%, 7d avg +0.095%

Together, before fees−1.032%−$103 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 1.242% dearer against Bybit than usual: you sell high and buy low, +$124 on $10k if it goes back to its 7-day average of +0.095%. The two prices were read 69 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	Bybit PENGUUSDT	0.008899	0.0100	pay 0.0050% / 4h	3h 26m	$23.7M	$41.0M	75x
Short	ApeX Omni PENGUUSDT	0.009018	0.0100	get 0.0013% / 1h	26m 21s	$82K	$251K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +1.337%Rate

Funding earned: $0
Price spread: +1.337% → +0.095%: $124.22
Slippage, 4 orders: −$27.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $75.53
Costs to cover: 0.487%
Break-even: from the start

Slippage from Bybit: live order book, 2 min ago; ApeX Omni: live order book, 25 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 Bybit live order book, 2 min ago	0.56 bp	11.6 bp −$12	29.2 bp −$292	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 25 min ago	4.96 bp	12.2 bp −$12	96.9 bp −$969	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008906	+0.079%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0002%	4h	0.008899	0.000%	$3.3M	$16.4M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	+0.065%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.236%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0035%	1h	0.008923	+0.267%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008917	+0.202%	$204	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008936	+0.416%	$325K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008900	+0.011%	$597K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008909	+0.112%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008911	+0.130%	$137K	$642K	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	0.008917	+0.202%	$136K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008905	+0.072%	$38.0M	$172.0M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008899	long leg	$23.7M	$41.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008904	+0.056%	$7.8M	$49.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008910	+0.124%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008909	+0.112%	$10.9M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008903	+0.045%	$5.0M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008908	+0.101%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008892	−0.079%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008926	+0.303%	$298K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009000	+1.134%	$939K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008959	+0.678%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.009018	+1.337%	$82K	$251K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008908	+0.101%	$24K	$103K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009117	+2.450%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008905	+0.067%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008969	+0.787%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008901	+0.027%	$185K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008896	−0.034%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008902	+0.028%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008939	+0.449%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008903	+0.045%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008914	+0.168%	$349K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008940	+0.461%	$94K	$62K	50x	as long as short