Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: OKX against Aevo−0.023%50s7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as 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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now −0.023%, 7d avg +0.019%

Together, before fees−0.018%−$2 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: OKX is 0.042% cheaper against Aevo than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.019%. The two prices were read 50 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	0.008645	0.0104	pay 0.0013% / 1h	5m 37s	$200K	$17K	3x
Short	OKX PENGU-USDT-SWAP	0.008643	0.0100	get 0.0050% / 4h	2h 05m	$7.6M	$46.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$0.84
Price spread: −0.023% → +0.019%: −$4.21
Slippage, 4 orders: −$68.12
Fee Aevo: 8 bp × 2 orders: −$16
Fee OKX: 5 bp × 2 orders: −$10
Net: −$99.17
Costs to cover: 0.941%
Break-even: never at this rate

Slippage from Aevo: live order book, 18 min ago; OKX: live order book, 3 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, 18 min ago	11.49 bp	38.9 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.58 bp	10.8 bp −$11	22.4 bp −$224	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	−0.0553%	1h	0.008652	+0.080%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0444%	1h	0.008645	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0294%	4h	0.008637	−0.093%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.810%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008641	−0.046%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008642	−0.035%	$198	$59	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008637	−0.093%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008647	+0.023%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008650	+0.053%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008642	−0.035%	$294K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	−0.020%	$671K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008640	−0.058%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008647	+0.020%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008641	−0.046%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008644	−0.012%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008643	−0.023%	$7.6M	$46.2M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008642	−0.035%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008639	−0.069%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008648	+0.035%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008626	−0.220%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	+0.021%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.211%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008656	+0.127%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	0.000%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008851	+2.383%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008643	−0.023%	$986	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008666	+0.243%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008641	−0.041%	$178K	$682K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.008645	long leg	$200K	$17K	3x
Reya PENGURUSDPERP	+0.0237%	1h	0.008643	−0.026%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008647	+0.023%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.625%	$93K	$97K	50x	as long as short