Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0280%/8h= −30.6% APRpaid last 24h −0.021%

Price spread now: Bybit against Aevo+0.490%49s7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as 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−$1191.195% of the position

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 3 days (all we have)−0.470%−$47 · spread now +0.490%, 7d avg −0.029%

Together, before fees−0.609%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.519% dearer against Aevo than usual: you sell high and buy low (spread +0.490% now, against its 7-day average of −0.029%): +$52 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 7 days (−0.139% in total) that is about 26 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.139% in total (about -7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008770	0.0104	pay 0.0013% / 1h	43m 35s	$203K	—	3x
Short	Bybit PENGUUSDT	0.008813	−0.0176	pay 0.0088% / 4h	3h 43m	$23.0M	$37.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now +0.490%Rate

Funding earned: −$58.72
Price spread: +0.490% → −0.029%: $51.92
Slippage, 4 orders: −$92.47
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$126.27
Costs to cover: 1.195%
Break-even: never at this rate

Slippage from Aevo: live order book, 30 min ago; Bybit: 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	28.62 bp	45.5 bp −$46	253.0 bp −$2,530	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.57 bp	12.4 bp −$12	22.4 bp −$224	172.3 bp −$17.2K	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	−0.0433%	1h	0.008775	+0.057%	$18K	$10K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008787	+0.195%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008806	+0.410%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.101%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008814	+0.502%	$202	$59	5x	as long as short
Bybit PENGUUSDTshort	−0.0176%	4h	0.008813	+0.490%	$23.0M	$37.2M	75x
Backpack PENGU_USDC_PERP	−0.0055%	1h	0.008776	+0.068%	$308K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	+0.139%	$33K	—	150x	as long as short
GRVT PENGU_USDT_Perp	+0.0024%	4h	0.008798	+0.319%	$466K	$2.1M	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.217%	$3K	$117K	5.5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0044%	1h	0.008813	+0.496%	$699K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0065%	1h	0.008811	+0.471%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008809	+0.445%	$308K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008780	+0.114%	$23K	$184K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008806	+0.410%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008809	+0.449%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008809	+0.445%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008816	+0.530%	$36.9M	$155.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008821	+0.582%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.570%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008806	+0.410%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008804	+0.388%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008815	+0.513%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008797	+0.308%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	+0.217%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008982	+2.417%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008776	+0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008800	+0.342%	$90K	$298K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008812	+0.475%	$184K	$787K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008770	long leg	$203K	—	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008776	+0.069%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008790	+0.228%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008782	+0.137%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	+0.433%	$94K	$103K	50x	as long as short