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= +0.4% APRpaid last 24h +0.001%

Price spread now: Aevo against OKX−0.136%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1211.212% of the position

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 3 days (all we have)+0.098%+$10 · spread now −0.136%, 7d avg −0.013%

Together, before fees+0.160%+$16 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 0.123% cheaper against OKX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008818	0.0100	pay 0.0050% / 4h	3h 29m	$7.6M	$47.4M	50x
Short	Aevo PENGU-PERP	0.008806	0.0104	get 0.0013% / 1h	29m 51s	$203K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.136%Rate

Funding earned: $0.84
Price spread: −0.136% → −0.013%: −$12.28
Slippage, 4 orders: −$95.23
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$132.67
Costs to cover: 1.212%
Break-even: 1112.6 days

Slippage from OKX: live order book, 4 min ago; Aevo: live order book, 44 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 OKX live order book, 4 min ago	0.57 bp	9.7 bp −$10	26.2 bp −$262	doesn't fit	doesn't fit
Sell Aevo live order book, 44 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	−0.0392%	1h	0.008827	+0.105%	$368K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008816	−0.023%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008809	−0.102%	$202	$59	5x	as long as short
Variational Omni PENGU	−0.0221%	4h	0.008831	+0.149%	$871K	$933K	—	as long as short
Gate PENGU_USDT	−0.0196%	4h	0.008819	+0.011%	$3.4M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008819	+0.011%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.329%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0078%	1h	0.008828	+0.109%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0084%	1h	0.008820	+0.023%	$699K	$768K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0092%	4h	0.008826	+0.092%	$468K	$2.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008824	+0.068%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008817	−0.011%	$23K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	−0.011%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008826	+0.096%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008822	+0.045%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008820	+0.022%	$36.8M	$154.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008815	−0.034%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008818	long leg	$7.6M	$47.4M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008822	+0.045%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008825	+0.079%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008822	+0.045%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008821	+0.034%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008820	+0.023%	$306K	$322K	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008810	−0.091%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009022	+2.313%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008817	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008837	+0.215%	$91K	$296K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008820	+0.019%	$182K	$973K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008806	−0.136%	$203K	—	3x
Reya PENGURUSDPERP	+0.0238%	1h	0.008811	−0.082%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008833	+0.170%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0723%	1h	0.008819	+0.011%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.510%	$94K	$103K	50x	as long as short