Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: MEXC against Aevo−0.055%56s7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as 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−$1161.162% of the position

Long on Aevo Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.055%, 7d avg +0.029%

Together, before fees+0.036%+$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: MEXC is 0.084% cheaper against Aevo than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.029%. The two prices were read 56 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	0.009100	0.0104	pay 0.0013% / 1h	1m 32s	$210K	—	3x
Short	MEXC PENGU_USDT	0.009095	0.0100	get 0.0050% / 4h	1m 32s	$11.3M	$13.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$0.84
Price spread: −0.055% → +0.029%: −$8.38
Slippage, 4 orders: −$100.16
Fee Aevo: 8 bp × 2 orders: −$16
Fee MEXC: 0 bp × 2 orders: $0
Net: −$125.38
Costs to cover: 1.162%
Break-even: never at this rate

Slippage from Aevo: live order book, 37 min ago; MEXC: 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, 37 min ago	27.37 bp	64.8 bp −$65	318.2 bp −$3,182	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.65 bp	6.7 bp −$7	22.9 bp −$229	63.3 bp −$6,333	113.0 bp −$56.5K

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	0.009086	−0.150%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.418%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009098	−0.022%	$328K	$774K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009095	−0.055%	$644K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009090	−0.110%	$142K	$736K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009087	−0.143%	$137K	$268K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009093	−0.074%	$40.0M	$195.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009084	−0.176%	$24.4M	$46.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009093	−0.077%	$8.2M	$57.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009080	−0.220%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009075	−0.275%	$3.7M	$18.3M	75x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.009095	−0.055%	$11.3M	$13.2M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009092	−0.088%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009091	−0.099%	$8.8M	$14.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009073	−0.297%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009096	−0.044%	$316K	$387K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009116	+0.179%	$937K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009092	−0.083%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009089	−0.121%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009093	−0.077%	$23K	$307K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009309	+2.297%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009098	−0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009103	+0.033%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009076	−0.266%	$186K	$743K	10x	as long as short
Aevo PENGU-PERPlong	+0.0104%	1h	0.009100	long leg	$210K	—	3x
Reya PENGURUSDPERP	+0.0240%	1h	0.009088	−0.133%	$307	—	10x	as long as short
Hyperliquid PENGU	+0.0245%	1h	0.009100	0.000%	$9.3M	$16.8M	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009052	−0.527%	$1.5M	$5.1M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009087	−0.143%	$208	$41	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0410%	1h	0.009100	0.000%	$1K	$29K	10x	as long as short
dYdX PENGU-USD	+0.0413%	1h	0.009094	−0.068%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009098	−0.022%	$104K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0536%	1h	0.009106	+0.068%	$353K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009233	+1.462%	$81K	$74K	50x	as long as short