Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: BingX against Aevo−0.034%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$850.854% of the position

Long on Aevo Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now −0.034%, 7d avg +0.017%

Together, before fees+0.006%+$1 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: BingX is 0.051% cheaper against Aevo than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008805	0.0104	pay 0.0013% / 1h	28m 29s	$203K	$17K	3x
Short	BingX PENGU-USDT	0.008802	0.0100	get 0.0050% / 4h	1h 28m	—	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$0.84
Price spread: −0.034% → +0.017%: −$5.06
Slippage, 4 orders: −$59.36
Fee Aevo: 8 bp × 2 orders: −$16
Fee BingX: 5 bp × 2 orders: −$10
Net: −$91.26
Costs to cover: 0.854%
Break-even: never at this rate

Slippage from Aevo: live order book, 55 min ago; BingX: live order book, 7 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, 55 min ago	11.49 bp	38.9 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.57 bp	8.0 bp −$8	14.4 bp −$144	62.7 bp −$6,270	323.4 bp −$161.7K

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	−0.0605%	1h	0.008816	+0.122%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008801	−0.045%	$3.5M	$15.5M	75x	as long as short
Bybit PENGUUSDT	−0.0138%	4h	0.008800	−0.057%	$22.9M	$36.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008811	+0.068%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008810	+0.057%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008802	−0.037%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	−0.302%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.022%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008806	+0.011%	$309K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.034%	$681K	$757K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008811	+0.068%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008807	+0.022%	$190K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	−0.011%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008807	+0.023%	$36.7M	$152.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	−0.068%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008807	+0.023%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	+0.011%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008807	+0.023%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008802	−0.034%	—	$3.9M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008807	+0.023%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.319%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.193%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008809	+0.045%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.328%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008807	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008819	+0.159%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008801	−0.047%	$181K	$682K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008805	long leg	$203K	$17K	3x
dYdX PENGU-USD	+0.0142%	1h	0.008808	+0.038%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	−0.153%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008804	−0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008801	−0.045%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.590%	$95K	$105K	50x	as long as short