Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Aevo against OKX−0.045%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

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

costs, in and out, $10k−$1191.189% of the position

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.045%, 7d avg −0.020%

Together, before fees+0.071%+$7 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 0.025% cheaper against OKX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008874	0.0100	pay 0.0050% / 4h	3h 12m	$7.7M	$50.0M	50x
Short	Aevo PENGU-PERP	0.008870	0.0104	get 0.0013% / 1h	12m 14s	$205K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.045%Rate

Funding earned: $0.84
Price spread: −0.045% → −0.020%: −$2.48
Slippage, 4 orders: −$92.92
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$120.56
Costs to cover: 1.189%
Break-even: 1011.6 days

Slippage from OKX: live order book, 1 min ago; Aevo: live order book, 42 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 OKX live order book, 1 min ago	0.56 bp	11.4 bp −$11	31.0 bp −$310	doesn't fit	doesn't fit
Sell Aevo live order book, 42 min ago	22.12 bp	32.8 bp −$33	doesn't fit	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008874	0.000%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008874	−0.005%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0020%	4h	0.008866	−0.090%	$3.3M	$16.5M	75x	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	+0.0062%	1h	0.008892	+0.205%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008881	+0.079%	$323K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008883	+0.101%	$203	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008879	+0.056%	$596K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008881	+0.079%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008880	+0.065%	$137K	$644K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008893	+0.214%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008876	+0.023%	$37.7M	$173.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008868	−0.068%	$23.5M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008874	long leg	$7.7M	$50.0M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008880	+0.068%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008877	+0.034%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008869	−0.056%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008877	+0.034%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008863	−0.124%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008897	+0.259%	$297K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	+0.405%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008914	+0.455%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008933	+0.665%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008874	0.000%	$23K	$121K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009085	+2.378%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008874	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008888	+0.158%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008870	−0.040%	$183K	$869K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008870	−0.045%	$205K	—	3x
Reya PENGURUSDPERP	+0.0239%	1h	0.008873	−0.014%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	+0.349%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0415%	1h	0.008871	−0.034%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0616%	1h	0.008880	+0.071%	$325K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.902%	$94K	$59K	50x	as long as short