Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.036%

Price spread now: Gate against Aevo−0.011%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$202as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$1911.914% of the position

Long on Aevo Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.011%, 7d avg +0.024%

Together, before fees−0.037%−$4 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: Gate is 0.035% cheaper against Aevo than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENGU-PERP	0.008950	0.0104	pay 0.0013% / 1h	16m 19s	$207K	—	3x
Short	Gate PENGU_USDT	0.008949	0.0100	get 0.0050% / 4h	2h 16m	$3.3M	$16.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.011%Rate

Funding earned: −$0.84
Price spread: −0.011% → +0.024%: −$3.47
Slippage, 4 orders: −$160.35
Fee Aevo: 8 bp × 2 orders: −$16
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$195.66
Costs to cover: 1.914%
Break-even: never at this rate

Slippage from Aevo: live order book, 33 min ago; Gate: 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, 33 min ago	68.10 bp	83.7 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.38 bp	14.3 bp −$14	46.2 bp −$462	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008949	−0.013%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.799%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008966	+0.179%	$325K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008952	+0.028%	$609K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008964	+0.156%	$8.3M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008950	+0.004%	$123K	$684K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008906	−0.492%	$135K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008955	+0.060%	$37.8M	$178.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008948	−0.022%	$23.7M	$42.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008952	+0.022%	$7.6M	$52.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.112%	$18K	$26K	5x	as long as short
Gate PENGU_USDTshort	+0.0100%	4h	0.008949	−0.011%	$3.3M	$16.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.008954	+0.045%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008941	−0.101%	$5.0M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008957	+0.078%	$8.5M	$13.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008950	0.000%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008864	−0.961%	$290K	$341K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	−1.498%	$920K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	−0.752%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008872	−0.872%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008952	+0.022%	$23K	$178K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009171	+2.469%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008958	+0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008922	−0.313%	$93K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008952	+0.018%	$184K	$876K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008950	long leg	$207K	—	3x
dYdX PENGU-USD	+0.0195%	1h	0.008904	−0.513%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0200%	1h	0.008946	−0.045%	$205	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008954	+0.045%	$302	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0309%	1h	0.008956	+0.067%	$14K	$15K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0315%	1h	0.008966	+0.180%	$328K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008878	−0.804%	$1.5M	$4.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0466%	1h	0.008947	−0.034%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009053	+1.151%	$80K	$79K	50x	as long as short