Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: BingX against Aevo−0.012%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1421.420% of the position

Long on Aevo Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.116%−$12 · spread now −0.012%, 7d avg −0.023%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008676	0.0104	pay 0.0013% / 1h	58m 19s	$200K	$17K	3x
Short	BingX PENGU-USDC	0.008675	0.0100	get 0.0050% / 4h	2h 58m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Aevo. 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 AevobpFee BingXbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$0.84
Price spread: −0.012% → −0.023%: $1.17
Slippage, 4 orders: −$116.05
Fee Aevo: 8 bp × 2 orders: −$16
Fee BingX: 5 bp × 2 orders: −$10
Net: −$141.72
Costs to cover: 1.420%
Break-even: never at this rate

Slippage from Aevo: live order book, 30 min ago; BingX: live order book, 5 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 Aevo live order book, 30 min ago	17.09 bp	54.7 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	1.72 bp	15.4 bp −$15	50.9 bp −$509	338.6 bp −$33.9K	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
Backpack PENGU_USDC_PERP	−0.0592%	1h	0.008700	+0.277%	$311K	$324K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0551%	1h	0.008682	+0.071%	$384K	$2.2M	50x	as long as short
Bybit PENGUUSDT	−0.0351%	4h	0.008675	−0.012%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0316%	4h	0.008692	+0.184%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0210%	1h	0.008684	+0.092%	$21K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008696	+0.231%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.450%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008702	+0.294%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.202%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008677	+0.012%	$294K	$718K	8x	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	0.008701	+0.288%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008703	+0.308%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008700	+0.277%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008675	−0.010%	$35.9M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008680	+0.046%	$7.7M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	+0.277%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008696	+0.231%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008695	+0.219%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008678	+0.023%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008675	−0.012%	—	$2.3M	—
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.710%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	+0.449%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.484%	$79K	$254K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008693	+0.202%	$675K	$766K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008687	+0.127%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008895	+2.524%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	0.000%	$982	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008714	+0.438%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008674	−0.023%	$178K	$681K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008676	long leg	$200K	$17K	3x
Reya PENGURUSDPERP	+0.0237%	1h	0.008692	+0.182%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008711	+0.403%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008692	+0.184%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.616%	$94K	$97K	50x	as long as short