Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.2588%/8h= −283.4% APRpaid last 24h −0.582%

Price spread now: MEXC against Coinbase International−0.239%7-day average −0.793% · you buy dearer than you sell

Net, funding: paid 7d − costs−$226as in the Funding arb table

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.726%−$173 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now −0.239%, 7d avg −0.793%

Together, before fees−1.897%−$190 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.555% dearer against Coinbase International than usual: you sell high and buy low (spread −0.239% now, against its 7-day average of −0.793%): +$55 on $10k if it goes back. Holding the pair costs −$78 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−1.726% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.726% in total (about -90.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008799	0.2688	pay 0.0336% / 1h	3m 21s	$94K	$104K	50x
Short	MEXC PENGU_USDT	0.008778	0.0100	get 0.0050% / 4h	3m 21s	$12.4M	$12.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.239%Rate

Funding earned: −$543.48
Price spread: −0.239% → −0.793%: $55.47
Slippage, 4 orders: −$43.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$541.67
Costs to cover: 0.537%
Break-even: from the start

Slippage from Coinbase International: live order book, 40 min ago; MEXC: live order book, 5 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 Coinbase International live order book, 40 min ago	18.74 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.57 bp	3.4 bp −$3	13.2 bp −$132	55.2 bp −$5,518	131.3 bp −$65.7K

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	−0.0341%	1h	0.008791	−0.092%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0311%	4h	0.008772	−0.307%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.792%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0300%	4h	0.008775	−0.273%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	−0.250%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0155%	1h	0.008776	−0.261%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.114%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008775	−0.267%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008780	−0.216%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008781	−0.210%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008782	−0.196%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.421%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008777	−0.250%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0099%	4h	0.008777	−0.250%	$7.6M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	−0.205%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008777	−0.250%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008782	−0.196%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	−0.273%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008779	−0.227%	$36.5M	$155.3M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.216%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008778	−0.239%	$12.4M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008778	−0.239%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008782	−0.193%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008778	−0.239%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008762	−0.421%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008986	+2.125%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	−0.227%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008784	−0.170%	$90K	$284K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.240%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.273%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008775	−0.274%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008758	−0.466%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008779	−0.227%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2688%	1h	0.008799	long leg	$94K	$104K	50x