PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.2888%/8h= −316.2% APRnext payment −$3.61 per $10,000 · paid last 24h −0.525%

Price spread now: Aevo against Coinbase International−2.988%7-day average −0.777% · you buy dearer than you sell

Net, funding: paid 7d − costs−$319as in the Funding arb table

Net, price: spread back to 7d avg − costs−$375as in the Price arb table

costs, in and out, $10k−$1541.536% of the position

Long on Coinbase International Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−1.653%−$165 on $10k

Price spread, last 3 days (all we have)+2.722%+$272 · spread now −2.988%, 7d avg −0.777%

Together, before fees+1.068%+$107 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$87 a day on $10k at the current rate, and Aevo is 2.211% cheaper against Coinbase International than usual: you would sell low and buy high (−$221 if the spread goes back to its 7-day average of −0.777%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.653% in total (about -86.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.61 per $10,000. 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	Coinbase International PENGU-PERP-INTX	0.008903	0.2992	pay 0.0374% / 1h	54m 03s	$94K	$97K	50x
Short	Aevo PENGU-PERP	0.008637	0.0104	get 0.0013% / 1h	54m 03s	$200K	$17K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Coinbase International. 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 Coinbase InternationalbpFee AevobpOrdersPrice spread, now −2.988%Rate

Funding earned: −$606.48
Price spread: −2.988% → −0.777%: −$221.12
Slippage, 4 orders: −$127.57
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$981.17
Costs to cover: 1.536%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 54 min ago; Aevo: live order book, 34 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 Coinbase International live order book, 54 min ago	15.76 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Aevo live order book, 34 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	0.008649	−2.853%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0358%	4h	0.008635	−3.010%	$22.7M	$35.6M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0344%	1h	0.008642	−2.932%	$309K	$318K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008640	−2.954%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0320%	4h	0.008638	−2.977%	$3.4M	$15.3M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−2.112%	$3K	$81K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0072%	1h	0.008679	−2.516%	$199	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008658	−2.746%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008642	−2.929%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0093%	1h	0.008623	−3.145%	$670K	$758K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008642	−2.932%	$293K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008653	−2.808%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008634	−3.025%	$170K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008653	−2.808%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008640	−2.954%	$35.7M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008644	−2.909%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008630	−3.066%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008640	−2.954%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008635	−3.010%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008650	−2.842%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008646	−2.887%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	−2.545%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	−2.561%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	−2.538%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008641	−2.943%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008835	−0.764%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008641	−2.943%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	−2.741%	$90K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008637	−2.986%	$177K	$681K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008637	−2.988%	$200K	$17K	3x
Reya PENGURUSDPERP	+0.0237%	1h	0.008627	−3.096%	$291	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	−2.561%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0488% / S −0.0675%	1h	0.008642	−2.932%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2992%	1h	0.008903	long leg	$94K	$97K	50x