Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Aevo against Orderly−0.137%7-day average −0.011% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now −0.137%, 7d avg −0.011%

Together, before fees+0.111%+$11 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 0.125% cheaper against Orderly than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008772	0.0100	pay 0.0050% / 4h	1h 53m	$23K	$186K	20x
Short	Aevo PENGU-PERP	0.008760	0.0104	get 0.0013% / 1h	53m 49s	$202K	$17K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.137%Rate

Funding earned: $0.84
Price spread: −0.137% → −0.011%: −$12.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$33.7
Costs to cover: 0.220%
Break-even: 287.8 days

Slippage unknown: Orderly: no order-book sample; Aevo: live order book, 30 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo live order book, 30 min ago	11.49 bp	30.9 bp −$31	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0608%	1h	0.008766	−0.073%	$387K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0548%	1h	0.008769	−0.034%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0276%	4h	0.008756	−0.182%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008780	+0.091%	$201	$59	5x	as long as short
Nado PENGU-PERP	−0.0014%	1h	0.008776	+0.051%	$681K	$757K	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008753	−0.217%	$22.8M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	+0.007%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.650%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008775	+0.038%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008762	−0.114%	$299K	$726K	8x	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	0.008763	−0.103%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008768	−0.047%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008778	+0.068%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008758	−0.160%	$36.2M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008757	−0.171%	$7.7M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008759	−0.148%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008763	−0.103%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008761	−0.125%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008762	−0.114%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008763	−0.103%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.516%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	−0.653%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008706	−0.752%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008772	long leg	$23K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008980	+2.371%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008762	−0.114%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.205%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008758	−0.165%	$180K	$682K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008760	−0.137%	$202K	$17K	3x
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	+0.012%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008767	−0.057%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008772	0.000%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.638%	$92K	$99K	50x	as long as short