Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.002%

Price spread now: Orderly against Aevo+0.057%7-day average +0.012% · 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 3 days (all we have)−0.003%$0 · spread now +0.057%, 7d avg +0.012%

Together, before fees−0.028%−$3 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: Orderly is 0.044% dearer against Aevo than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008801	0.0104	pay 0.0013% / 1h	55m 36s	$203K	—	3x
Short	Orderly PERP_PENGU_USDC	0.008806	0.0100	get 0.0050% / 4h	3h 55m	$23K	$186K	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 +0.057%Rate

Funding earned: −$0.92
Price spread: +0.057% → +0.012%: $4.44
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.48
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 18 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, 18 min ago	28.62 bp	45.5 bp −$46	253.0 bp −$2,530	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
Gate PENGU_USDT	−0.0514%	4h	0.008786	−0.170%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0504%	4h	0.008778	−0.261%	$22.9M	$37.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0392%	1h	0.008818	+0.188%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0281%	4h	0.008802	+0.015%	$869K	$929K	—	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008777	−0.273%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008805	+0.045%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008805	+0.048%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.136%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0089%	1h	0.008794	−0.076%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	−0.034%	$308K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008806	+0.057%	$23K	$186K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008786	−0.165%	$698K	$778K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008802	+0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008795	−0.065%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008793	−0.091%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008784	−0.192%	$36.5M	$155.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008781	−0.227%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.239%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008789	−0.136%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008796	−0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	−0.227%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008794	−0.080%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	+0.045%	$309K	$316K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008805	+0.045%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008799	−0.023%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009011	+2.386%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008806	+0.057%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008820	+0.216%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008781	−0.223%	$181K	$617K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008801	long leg	$203K	—	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008776	−0.279%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008797	−0.045%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008801	0.000%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008799	−0.023%	$94K	$103K	50x	as long as short