PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0251%/8h= +27.5% APRnext payment +$0.31 per $10,000 · paid last 24h +0.033%

Price spread now: Aevo against Backpack+0.057%46s7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as 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−$1191.189% of the position

Long on Backpack Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.057%, 7d avg −0.009%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Aevo is 0.066% dearer against Backpack than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.009%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.082% in total (about 4.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008783	−0.0147	get 0.0018% / 1h	1m 23s	$308K	$315K	10x
Short	Aevo PENGU-PERP	0.008788	0.0104	get 0.0013% / 1h	1m 23s	$203K	$17K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Backpack. 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 BackpackbpFee AevobpOrdersPrice spread, now +0.057%Rate

Funding earned: $52.79
Price spread: +0.057% → −0.009%: $6.58
Slippage, 4 orders: −$92.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$59.56
Costs to cover: 1.189%
Break-even: 14.9 days

Slippage from Backpack: live order book, 12 min ago; Aevo: live order book, 12 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 Backpack live order book, 12 min ago	0.57 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Aevo live order book, 12 min ago	28.62 bp	52.9 bp −$53	288.6 bp −$2,886	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
Kraken Futures PF_PENGUUSD	−0.0340%	1h	0.008801	+0.202%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0303%	4h	0.008786	+0.034%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0296%	4h	0.008774	−0.099%	$867K	$927K	—	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008780	−0.034%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008779	−0.046%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERPlong	−0.0147%	1h	0.008783	long leg	$308K	$315K	10x
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.068%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0006%	1h	0.008779	−0.046%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008792	+0.102%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	+0.040%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0030%	1h	0.008782	−0.014%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.239%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008785	+0.023%	$307K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008794	+0.125%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008783	0.000%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008787	+0.048%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008784	+0.011%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008784	+0.007%	$36.5M	$155.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008789	+0.068%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008781	−0.023%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008782	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008796	+0.148%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008775	−0.091%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	−0.011%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008995	+2.414%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008790	+0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008809	+0.296%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008789	+0.066%	$180K	$622K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008788	+0.057%	$203K	$17K	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008781	−0.024%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	+0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008787	+0.046%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.182%	$94K	$104K	50x	as long as short