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 +0.001%

Price spread now: Aevo against BingX−0.234%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$225as in the Price arb table

costs, in and out, $10k−$1991.994% of the position

Long on BingX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.289%+$29 · spread now −0.234%, 7d avg +0.024%

Together, before fees+0.294%+$29 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: Aevo is 0.258% cheaper against BingX than usual: you would sell low and buy high, −$26 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	BingX PENGU-USDC	0.008976	0.0100	pay 0.0050% / 4h	2h 14m	—	$2.3M	—
Short	Aevo PENGU-PERP	0.008955	0.0104	get 0.0013% / 1h	14m 26s	$207K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against BingX. 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 BingXbpFee AevobpOrdersPrice spread, now −0.234%Rate

Funding earned: $0.84
Price spread: −0.234% → +0.024%: −$25.76
Slippage, 4 orders: −$173.41
Fee BingX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$224.32
Costs to cover: 1.994%
Break-even: 1876.4 days

Slippage from BingX: live order book, 4 min ago; Aevo: live order book, 34 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 BingX live order book, 4 min ago	2.82 bp	18.3 bp −$18	53.8 bp −$538	302.3 bp −$30.2K	doesn't fit
Sell Aevo live order book, 34 min ago	68.10 bp	76.1 bp −$76	doesn't fit	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	0.008961	−0.170%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.083%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	−0.045%	$330K	$755K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008955	−0.228%	$608K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008966	−0.111%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008967	−0.097%	$123K	$685K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008967	−0.100%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008965	−0.125%	$37.9M	$179.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008952	−0.267%	$23.7M	$42.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008952	−0.267%	$7.7M	$52.3M	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	0.008960	−0.178%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008968	−0.089%	$3.4M	$16.7M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008964	−0.134%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008970	−0.067%	$5.0M	$9.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008960	−0.178%	$8.6M	$13.6M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008976	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008992	+0.178%	$294K	$344K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008940	−0.401%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	−1.039%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008867	−1.214%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008964	−0.134%	$23K	$178K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009176	+2.228%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008963	−0.145%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008980	+0.045%	$93K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008971	−0.054%	$185K	$876K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008955	−0.234%	$207K	—	3x
dYdX PENGU-USD	+0.0194%	1h	0.008966	−0.109%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0196%	1h	0.008965	−0.123%	$14K	$15K	10x	as long as short
01 Exchange PENGUUSD	+0.0208%	1h	0.008966	−0.111%	$205	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008953	−0.253%	$302	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0315%	1h	0.008970	−0.066%	$336K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008970	−0.067%	$1.5M	$4.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0482%	1h	0.008958	−0.201%	$127K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009053	+0.858%	$80K	$79K	50x	as long as short