Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0456%/8h= +49.9% APRpaid last 24h +0.001%

Price spread now: Aevo against Bybit+0.150%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1281.282% of the position

Long on Bybit Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now +0.150%, 7d avg +0.023%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Aevo is 0.128% dearer against Bybit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.023%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.122% in total (about 6.4% 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	Bybit PENGUUSDT	0.008638	−0.0352	get 0.0176% / 4h	2h 52m	$22.7M	$35.7M	75x
Short	Aevo PENGU-PERP	0.008651	0.0104	get 0.0013% / 1h	52m 47s	$200K	$17K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bybit. 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 BybitbpFee AevobpOrdersPrice spread, now +0.150%Rate

Funding earned: $95.74
Price spread: +0.150% → +0.023%: $12.77
Slippage, 4 orders: −$101.17
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$19.66
Costs to cover: 1.282%
Break-even: 8.4 days

Slippage from Bybit: live order book, 1 min ago; Aevo: live order book, 36 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 Bybit live order book, 1 min ago	0.58 bp	10.0 bp −$10	24.5 bp −$245	120.0 bp −$12.0K	doesn't fit
Sell Aevo live order book, 36 min ago	17.09 bp	52.3 bp −$52	313.3 bp −$3,133	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008658	+0.227%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDTlong	−0.0352%	4h	0.008638	long leg	$22.7M	$35.7M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	+0.208%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008645	+0.081%	$3.4M	$15.3M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0261%	1h	0.008656	+0.208%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.891%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008655	+0.197%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008664	+0.304%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008643	+0.058%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008662	+0.284%	$672K	$759K	5x	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	0.008653	+0.174%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008655	+0.195%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008648	+0.116%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008641	+0.035%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008641	+0.035%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.255%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008646	+0.093%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008652	+0.162%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008655	+0.197%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008638	0.000%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.445%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.505%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.451%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008655	+0.197%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008862	+2.593%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	+0.174%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008679	+0.475%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008650	+0.135%	$177K	$681K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008651	+0.150%	$200K	$17K	3x
01 Exchange PENGUUSD	+0.0120%	1h	0.008679	+0.475%	$199	$59	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008662	+0.279%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.116%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	+0.289%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.068%	$94K	$97K	50x	as long as short