Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.071%

Price spread now: BloFin against Aevo+0.193%113s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$940.941% of the position

Long on Aevo Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.466%+$47 on $10k

Price spread, last 3 days (all we have)−0.144%−$14 · spread now +0.193%, 7d avg +0.042%

Together, before fees+0.321%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.151% dearer against Aevo than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 113 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008815	0.0104	pay 0.0013% / 1h	47m 08s	$204K	—	3x
Short	BloFin PENGU-USDT	0.008832	0.0340	get 0.0170% / 4h	2h 47m	$1.5M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.193%Rate

Funding earned: $49.56
Price spread: +0.193% → +0.042%: $15.08
Slippage, 4 orders: −$66.13
Fee Aevo: 8 bp × 2 orders: −$16
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$29.5
Costs to cover: 0.941%
Break-even: 11.2 days

Slippage from Aevo: live order book, 22 min ago; BloFin: live order book, 6 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, 22 min ago	11.20 bp	46.0 bp −$46	217.2 bp −$2,172	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	3.97 bp	10.6 bp −$11	19.2 bp −$192	63.8 bp −$6,385	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
Nado PENGU-PERP	−0.0148%	1h	0.008828	+0.142%	$538K	$926K	5x	as long as short
ApeX Omni PENGUUSDT	−0.0094%	1h	0.008841	+0.295%	$81K	$249K	50x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	+0.013%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0054%	4h	0.008815	0.000%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008814	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008826	+0.122%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.295%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008837	+0.250%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008823	+0.091%	$306K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008819	+0.045%	$19K	$178K	20x	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	0.008820	+0.057%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008817	+0.019%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008824	+0.102%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008816	+0.013%	$37.4M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008809	−0.068%	$22.9M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008813	−0.023%	$7.6M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.170%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008820	+0.057%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008814	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008822	+0.079%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008808	−0.079%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	0.000%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.372%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009037	+2.518%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008817	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008848	+0.374%	$94K	$326K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008811	−0.045%	$182K	$940K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008815	long leg	$204K	—	3x
dYdX PENGU-USD	+0.0174%	1h	0.008826	+0.120%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008825	+0.110%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008822	+0.083%	$298	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008832	+0.193%	$1.5M	$3.2M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0675%	1h	0.008825	+0.113%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.724%	$95K	$104K	50x	as long as short