Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bitget against Aevo+0.055%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$174as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1731.731% of the position

Long on Aevo Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.055%, 7d avg +0.076%

Together, before fees−0.002%$0 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: Bitget is 0.021% cheaper against Aevo than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.009043	0.0104	pay 0.0013% / 1h	8m 18s	$209K	—	3x
Short	Bitget PENGUUSDT	0.009048	0.0100	get 0.0050% / 4h	1h 08m	$8.7M	$13.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$0.84
Price spread: +0.055% → +0.076%: −$2.06
Slippage, 4 orders: −$145.12
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$176.02
Costs to cover: 1.731%
Break-even: never at this rate

Slippage from Aevo: live order book, 36 min ago; Bitget: live order book, just now.

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, 36 min ago	60.41 bp	68.4 bp −$68	277.7 bp −$2,777	doesn't fit	doesn't fit
Sell Bitget live order book, just now	0.55 bp	10.8 bp −$11	25.8 bp −$258	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009045	+0.020%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.809%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009045	+0.022%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009041	−0.022%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009049	+0.070%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	−0.066%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009045	+0.018%	$39.5M	$189.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009038	−0.055%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009042	−0.011%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	−0.033%	$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	0.009037	−0.066%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009044	+0.011%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009038	−0.055%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.009048	+0.055%	$8.7M	$13.9M	75x
BingX PENGU-USDC	+0.0100%	4h	0.009037	−0.066%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009048	+0.055%	$296K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	+0.020%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+0.133%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+0.155%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009046	+0.033%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009266	+2.466%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009046	+0.033%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+0.144%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009043	0.000%	$185K	$523K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.009043	long leg	$209K	—	3x
Hyperliquid PENGU	+0.0210%	1h	0.009049	+0.066%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009044	+0.013%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0303%	1h	0.009051	+0.088%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009038	−0.055%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.088%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009045	+0.022%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0564%	1h	0.009043	+0.002%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0674%	1h	0.009051	+0.088%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+1.017%	$80K	$70K	50x	as long as short