Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.021%

Price spread now: Aevo against GRVT+0.173%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1371.369% of the position

Long on GRVT Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−0.095%−$10 · spread now +0.173%, 7d avg +0.015%

Together, before fees−0.008%+ Points / potential airdropGRVT: Active · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aevo is 0.158% dearer against GRVT than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008675	0.0100	pay 0.0050% / 4h	2h 55m	$454K	$2.4M	10x
Short	Aevo PENGU-PERP	0.008690	0.0104	get 0.0013% / 1h	55m 15s	$201K	$17K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against GRVT. 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 GRVTbpFee AevobpOrdersPrice spread, now +0.173%Rate

Funding earned: $0.84
Price spread: +0.173% → +0.015%: $15.84
Slippage, 4 orders: −$111.9
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$120.22
Costs to cover: 1.369%
Break-even: 1008.8 days

Slippage from GRVT: live order book, 3 min ago; Aevo: live order book, 33 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 GRVT live order book, 3 min ago	2.88 bp	22.5 bp −$23	62.9 bp −$629	doesn't fit	doesn't fit
Sell Aevo live order book, 33 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	−0.0550%	1h	0.008697	+0.258%	$385K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0355%	1h	0.008687	+0.138%	$311K	$318K	10x	as long as short
Bybit PENGUUSDT	−0.0344%	4h	0.008684	+0.104%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008683	+0.092%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008679	+0.046%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.461%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008684	+0.104%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008695	+0.231%	$21K	$8K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.219%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0088%	1h	0.008679	+0.052%	$674K	$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	0.008693	+0.208%	$295K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008693	+0.208%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008690	+0.169%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008674	−0.012%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008694	+0.215%	$36.0M	$150.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008686	+0.127%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	+0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008691	+0.184%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008692	+0.196%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008689	+0.161%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008687	+0.138%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.017%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008675	long leg	$454K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.023%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008696	+0.242%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.352%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008691	+0.184%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008688	+0.150%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008690	+0.173%	$178K	$681K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008690	+0.173%	$201K	$17K	3x
Reya PENGURUSDPERP	+0.0237%	1h	0.008685	+0.113%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	0.000%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008693	+0.208%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.628%	$94K	$97K	50x	as long as short