Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0245%/8h= −26.8% APRpaid last 24h −0.001%

Price spread now: Bybit against Aevo+0.057%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$920.917% of the position

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.057%, 7d avg −0.025%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.082% dearer against Aevo than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.025%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.122% in total) that is about 4.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% a year). A funding rate is set anew for every payment. 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	Aevo PENGU-PERP	0.008775	0.0104	pay 0.0013% / 1h	32m 06s	$203K	$17K	3x
Short	Bybit PENGUUSDT	0.008780	−0.0141	pay 0.0070% / 4h	1h 32m	$22.8M	$36.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$51.39
Price spread: +0.057% → −0.025%: $8.24
Slippage, 4 orders: −$64.69
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$134.84
Costs to cover: 0.917%
Break-even: never at this rate

Slippage from Aevo: live order book, 52 min ago; Bybit: live order book, 2 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, 52 min ago	11.49 bp	38.9 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.57 bp	10.1 bp −$10	24.8 bp −$248	122.5 bp −$12.3K	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	−0.0607%	1h	0.008788	+0.152%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008775	0.000%	$3.4M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008780	+0.057%	$19K	$9K	10x	as long as short
Bybit PENGUUSDTshort	−0.0141%	4h	0.008780	+0.057%	$22.8M	$36.3M	75x
01 Exchange PENGUUSD	−0.0080%	1h	0.008783	+0.091%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	+0.077%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.684%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0054%	4h	0.008794	+0.222%	$836K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008781	+0.068%	$308K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008778	+0.034%	$679K	$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	0.008785	+0.114%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008784	+0.097%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008787	+0.137%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008787	+0.137%	$36.6M	$152.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008777	+0.023%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.171%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008787	+0.137%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008777	+0.023%	$4.7M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008783	+0.091%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	+0.068%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008781	+0.068%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008791	+0.188%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008799	+0.274%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008778	+0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008982	+2.359%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008777	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008797	+0.251%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	−0.017%	$181K	$682K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008775	long leg	$203K	$17K	3x
dYdX PENGU-USD	+0.0131%	1h	0.008787	+0.142%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	−0.024%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008783	+0.091%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008782	+0.080%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.937%	$95K	$105K	50x	as long as short