Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bitget against Aevo+0.056%52s7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1851.853% of the position

Long on Aevo Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.056%, 7d avg +0.076%

Together, before fees−0.001%$0 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: Bitget is 0.020% cheaper against Aevo than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.076%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008955	0.0104	pay 0.0013% / 1h	14m 28s	$207K	—	3x
Short	Bitget PENGUUSDT	0.008960	0.0100	get 0.0050% / 4h	2h 14m	$8.6M	$13.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Aevo. 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 AevobpFee BitgetbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$0.84
Price spread: +0.056% → +0.076%: −$2.05
Slippage, 4 orders: −$157.3
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$188.19
Costs to cover: 1.853%
Break-even: never at this rate

Slippage from Aevo: live order book, 34 min ago; Bitget: live order book, 4 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 Aevo live order book, 34 min ago	68.10 bp	83.7 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.56 bp	12.5 bp −$13	38.2 bp −$382	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008961	+0.064%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.854%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	+0.190%	$330K	$755K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008955	+0.006%	$608K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008966	+0.123%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008967	+0.138%	$123K	$685K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008967	+0.134%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008965	+0.109%	$37.9M	$179.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008952	−0.034%	$23.7M	$42.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008952	−0.034%	$7.7M	$52.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008960	+0.056%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008968	+0.145%	$3.4M	$16.7M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008964	+0.101%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008970	+0.168%	$5.0M	$9.8M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008960	+0.056%	$8.6M	$13.6M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008976	+0.235%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008992	+0.413%	$294K	$344K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008940	−0.167%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	−0.807%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008867	−0.983%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008964	+0.101%	$23K	$178K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009176	+2.468%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008963	+0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008980	+0.279%	$93K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008971	+0.180%	$185K	$876K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008955	long leg	$207K	—	3x
dYdX PENGU-USD	+0.0194%	1h	0.008966	+0.126%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0196%	1h	0.008965	+0.112%	$14K	$15K	10x	as long as short
01 Exchange PENGUUSD	+0.0208%	1h	0.008966	+0.123%	$205	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008953	−0.020%	$302	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0315%	1h	0.008970	+0.169%	$336K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008970	+0.168%	$1.5M	$4.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0482%	1h	0.008958	+0.034%	$127K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009053	+1.094%	$80K	$79K	50x	as long as short