Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.071%

Price spread now: BloFin against Aevo+0.181%53s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as 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−$1181.181% of the position

Long on Aevo Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.465%+$46 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.181%, 7d avg +0.028%

Together, before fees+0.437%+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.153% dearer against Aevo than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.028%. The two prices were read 53 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	Aevo PENGU-PERP	0.008855	0.0104	pay 0.0013% / 1h	28m 00s	$205K	—	3x
Short	BloFin PENGU-USDT	0.008871	0.0340	get 0.0170% / 4h	28m 00s	$1.5M	$3.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.181%Rate

Funding earned: $49.56
Price spread: +0.181% → +0.028%: $15.26
Slippage, 4 orders: −$90.11
Fee Aevo: 8 bp × 2 orders: −$16
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$53.28
Costs to cover: 1.181%
Break-even: 14.5 days

Slippage from Aevo: live order book, 31 min ago; BloFin: 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, 31 min ago	11.44 bp	60.1 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.14 bp	14.4 bp −$14	26.2 bp −$262	64.4 bp −$6,436	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	0.008865	+0.113%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008872	+0.197%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.745%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0072%	4h	0.008865	+0.113%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008899	+0.497%	$204	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008871	+0.181%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008862	+0.079%	$23K	$123K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008896	+0.463%	$599K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008869	+0.158%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008869	+0.155%	$123K	$589K	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	0.008892	+0.418%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008879	+0.274%	$37.2M	$163.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008876	+0.237%	$23.6M	$39.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008882	+0.305%	$7.4M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008900	+0.508%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008879	+0.271%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008866	+0.124%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008880	+0.282%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008868	+0.147%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008869	+0.158%	$300K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.272%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008854	−0.015%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.757%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009078	+2.518%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008861	+0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008916	+0.689%	$93K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008876	+0.235%	$186K	$946K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008855	long leg	$205K	—	3x
Reya PENGURUSDPERP	+0.0239%	1h	0.008905	+0.567%	$301	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008871	+0.181%	$1.5M	$3.7M	75x
Kraken Futures PF_PENGUUSD	+0.0361%	1h	0.008873	+0.202%	$347K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0501%	1h	0.008887	+0.357%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0584%	1h	0.008874	+0.215%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008921	+0.745%	$95K	$61K	50x	as long as short