Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: MEXC against Backpack+0.057%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now +0.057%, 7d avg +0.018%

Together, before fees+0.046%+$5 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 0.039% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008739	0.0100	pay 0.0013% / 1h	39m 06s	$289K	$339K	10x
Short	MEXC PENGU_USDT	0.008744	0.0100	get 0.0050% / 4h	2h 39m	$10.3M	$12.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.018%: $3.93
Slippage, 4 orders: −$21.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$27.74
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Backpack: live order book, 9 min ago; MEXC: live order book, 4 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 Backpack live order book, 9 min ago	0.57 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.57 bp	3.9 bp −$4	12.6 bp −$126	59.9 bp −$5,992	131.9 bp −$66.0K

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	0.008739	+0.001%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.572%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0093%	1h	0.008748	+0.103%	$17K	$12K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008746	+0.080%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008737	−0.023%	$586K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008750	+0.126%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008742	+0.033%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008735	−0.046%	$132K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008742	+0.034%	$36.8M	$176.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008734	−0.057%	$23.2M	$41.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	+0.011%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.103%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008742	+0.034%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008744	+0.057%	$10.3M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008741	+0.023%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008747	+0.092%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008737	−0.023%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008739	long leg	$289K	$339K	10x
Variational Omni PENGU	+0.0100%	4h	0.008744	+0.059%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008738	−0.006%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008755	+0.183%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008743	+0.046%	$22K	$155K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008952	+2.437%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	+0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.229%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008743	+0.049%	$180K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.011%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0167%	1h	0.008729	−0.112%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008735	−0.046%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008740	+0.016%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008748	+0.108%	$320K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008735	−0.046%	$1.5M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0413%	1h	0.008739	0.000%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008812	+0.835%	$78K	$76K	50x	as long as short