PENGU (Pudgy Penguins) perpetual futures funding rates — also called perpetual swap funding rates — are aggregated live by exchange across 37 venues on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual swap tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now PENGU funding ranges from -35.68% annualized on ApeX to +194.65% on Crypto.com.
The widest cross-exchange funding spread for PENGU is currently 230.3% APR. A delta-neutral funding trade captures this gap by going long on ApeX — where funding is lowest, so the long leg is paid or pays the least — and short on Crypto.com, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.
PENGU ranks #71 by open interest among tracked perpetual assets, total open interest across covered venues is $148.5M, 24h volume is $316.9M, the volume-weighted mark price is $0.0097. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.
Frequently asked questions
- Which exchange has the highest PENGU funding rate right now?
- Crypto.com shows the highest PENGU funding at +194.65% annualized. A high positive rate means shorts get paid, so this is the venue to short PENGU when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.
- Which exchange is best to long PENGU for funding?
- ApeX has the lowest PENGU funding at -35.68% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.
- What is the best PENGU funding-arbitrage pair?
- The widest spread is long ApeX / short Crypto.com at about 230.3% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.
- How often does PENGU funding settle?
- PENGU funding settles on different schedules by venue (1h, 4h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.
- Is PENGU funding positive or negative?
- PENGU funding is mixed across venues, ranging -35.68% to +194.65% APR — which is exactly what creates the cross-exchange arbitrage opportunity.
- What is the current PENGU perpetual swap funding rate?
- The current PENGU perpetual swap funding rate ranges from -35.68% to +194.65% annualized depending on the exchange — ApeX is lowest and Crypto.com is highest right now. There is no single PENGU funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.
- What is the aggregated PENGU funding rate across exchanges?
- Aggregated across the 37 venues ORBIT tracks, PENGU funding currently spans -35.68% to +194.65% APR, a spread of 230.3 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.
- How do I read the PENGU 8h funding rate versus the annualized rate?
- PENGU does not settle on an 8-hour schedule on the venues tracked here. Because intervals differ by exchange, comparing raw per-payment rates is misleading; ORBIT normalizes each venue to annualized APR so the numbers are directly comparable.
ApeX
Crypto.com
