Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Orderly against Aevo+0.022%7-day average +0.016% · you sell dearer than you buy

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

Long on Aevo Short on Orderly

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.022%, 7d avg +0.016%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.009225	0.0104	pay 0.0013% / 1h	55m 30s	$213K	—	3x
Short	Orderly PERP_PENGU_USDC	0.009227	0.0100	get 0.0050% / 4h	2h 55m	$24K	$357K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.022%Rate

Funding earned: −$0.84
Price spread: +0.022% → +0.016%: $0.59
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$22.25
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 38 min ago; Orderly: no order-book sample. 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 Aevo live order book, 38 min ago	60.54 bp	377.8 bp −$378	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009228	+0.037%	$34K	—	150x	as long as short
ApeX Omni PENGUUSDT	+0.0011%	1h	0.009206	−0.206%	$81K	$252K	50x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.726%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0044%	4h	0.009175	−0.542%	$3.8M	$17.5M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.009206	−0.206%	$329K	$700K	8x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009169	−0.610%	$142K	$790K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009185	−0.434%	$140K	$235K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009165	−0.650%	$40.6M	$196.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009157	−0.737%	$24.9M	$47.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009156	−0.748%	$8.3M	$58.4M	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	0.009180	−0.488%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009181	−0.477%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009180	−0.488%	$5.2M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009166	−0.640%	$8.9M	$14.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009187	−0.412%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009220	−0.054%	$305K	$371K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009216	−0.101%	$948K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009206	−0.206%	$481K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009163	−0.667%	$649K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009227	+0.022%	$24K	$357K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009453	+2.472%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009229	+0.043%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009224	−0.011%	$96K	$413K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009171	−0.588%	$189K	$746K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.009225	long leg	$213K	—	3x
Hyperliquid PENGU	+0.0117%	1h	0.009173	−0.564%	$9.9M	$16.9M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.009232	+0.080%	$346K	$2.7M	50x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009156	−0.745%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009200	−0.271%	$1.7M	$5.4M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009172	−0.575%	$210	$141	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0400%	1h	0.009233	+0.087%	$1K	$28K	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0351%	1h	0.009224	−0.011%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.2002%	1h	0.009178	−0.510%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009518	+3.176%	$81K	$88K	50x	as long as short