Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: ApeX Omni against Orderly+0.603%70s7-day average +0.053% · you sell dearer than you buy

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

Long on Orderly Short on ApeX Omni

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)−0.681%−$68 · spread now +0.603%, 7d avg +0.053%

Together, before fees−0.671%−$67 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 0.549% dearer against Orderly than usual: you sell high and buy low, +$55 on $10k if it goes back to its 7-day average of +0.053%. 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	Orderly PERP_PENGU_USDC	0.009127	0.0100	pay 0.0050% / 4h	17m 45s	$23K	$297K	20x
Short	ApeX Omni PENGUUSDT	0.009182	0.0100	get 0.0013% / 1h	17m 45s	$80K	$252K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now +0.603%Rate

Funding earned: $0
Price spread: +0.603% → +0.053%: $54.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $38.91
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 19 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 19 min ago	4.91 bp	13.8 bp −$14	103.7 bp −$1,037	doesn't fit	doesn't fit

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009119	−0.090%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.703%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009130	+0.033%	$330K	$773K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009118	−0.093%	$642K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009133	+0.066%	$146K	$730K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009115	−0.131%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009133	+0.063%	$40.2M	$194.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009136	+0.099%	$24.6M	$45.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009140	+0.142%	$8.2M	$57.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009120	−0.077%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009113	−0.153%	$3.7M	$18.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009123	−0.044%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009122	−0.055%	$5.1M	$10.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009148	+0.230%	$9.0M	$14.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009121	−0.066%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009114	−0.142%	$315K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009113	−0.154%	$907K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009124	−0.030%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDTshort	+0.0100%	1h	0.009182	+0.603%	$80K	$252K	50x
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009127	long leg	$23K	$297K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009349	+2.432%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009128	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009134	+0.077%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009119	−0.083%	$187K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009123	−0.044%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0199%	1h	0.009156	+0.318%	$9.3M	$16.6M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009115	−0.129%	$308	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0298%	1h	0.009134	+0.077%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009122	−0.055%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009155	+0.307%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0387%	1h	0.009108	−0.212%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0352%	1h	0.009117	−0.110%	$104K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009136	+0.099%	$354K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.756%	$81K	$74K	50x	as long as short