Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0402%/8h= +44.0% APRpaid last 24h +0.036%

Price spread now: Aevo against Gate+0.023%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1301.296% of the position

Long on Gate Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 3 days (all we have)−0.081%−$8 · spread now +0.023%, 7d avg −0.012%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Aevo is 0.034% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.120% in total (about 6.3% 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	Gate PENGU_USDT	0.008874	−0.0298	get 0.0149% / 4h	3h 20m	$3.4M	$15.6M	75x
Short	Aevo PENGU-PERP	0.008876	0.0104	get 0.0013% / 1h	20m 31s	$205K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Gate. 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 GatebpFee AevobpOrdersPrice spread, now +0.023%Rate

Funding earned: $84.42
Price spread: +0.023% → −0.012%: $3.41
Slippage, 4 orders: −$98.62
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$41.79
Costs to cover: 1.296%
Break-even: 10.5 days

Slippage from Gate: live order book, 3 min ago; Aevo: live order book, 53 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 Gate live order book, 3 min ago	2.82 bp	16.6 bp −$17	47.8 bp −$478	doesn't fit	doesn't fit
Sell Aevo live order book, 53 min ago	28.62 bp	52.9 bp −$53	288.6 bp −$2,886	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	−0.0389%	1h	0.008894	+0.220%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDTlong	−0.0298%	4h	0.008874	long leg	$3.4M	$15.6M	75x
01 Exchange PENGUUSD	−0.0216%	1h	0.008883	+0.101%	$203	$59	5x	as long as short
Variational Omni PENGU	−0.0171%	4h	0.008882	+0.091%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008886	+0.135%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008890	+0.181%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.958%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0081%	1h	0.008870	−0.042%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008877	+0.034%	$309K	$729K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008887	+0.146%	$24K	$175K	20x	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	+0.0100%	1h	0.008874	+0.006%	$703K	$767K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008878	+0.045%	$8.3M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008887	+0.147%	$190K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008870	−0.045%	$153K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008880	+0.068%	$37.1M	$155.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008873	−0.011%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008874	0.000%	$7.7M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	+0.068%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	+0.113%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008884	+0.113%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008882	+0.090%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008869	−0.056%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008868	−0.068%	$305K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	−0.296%	$469K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008870	−0.045%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009094	+2.479%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008881	+0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008910	+0.406%	$91K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008874	+0.005%	$183K	$973K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008876	+0.023%	$205K	—	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008874	−0.002%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008881	+0.079%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008891	+0.192%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008897	+0.259%	$95K	$103K	50x	as long as short