Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: MEXC against gTrade (Gains Network)−0.099%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on gTrade (Gains Network)Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.099% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.099% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008788	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	31m 07s	$33K	—	150x
Short	MEXC PENGU_USDT	0.008779	0.0100	get 0.0050% / 4h	1h 31m	$12.7M	$12.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now −0.099%Rate

Funding earned: $19.52
Price spread: −0.099% → 0.000%: −$9.88
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$0.35
Costs to cover: 0.100%
Break-even: 7.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; MEXC: live order book, 2 min ago. Net counts fees only.

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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	0.57 bp	1.5 bp −$1	11.7 bp −$117	58.9 bp −$5,892	140.1 bp −$70.0K

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0607%	1h	0.008781	−0.072%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0322%	4h	0.008774	−0.156%	$3.4M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008778	−0.110%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0136%	4h	0.008765	−0.258%	$22.8M	$36.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008789	+0.015%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008788	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.827%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0054%	4h	0.008794	+0.077%	$836K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008779	−0.099%	$308K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008787	−0.008%	$680K	$757K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008783	−0.053%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008785	−0.027%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	+0.038%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008773	−0.165%	$36.6M	$152.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008773	−0.167%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.026%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008779	−0.099%	$12.7M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008779	−0.099%	$4.7M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	−0.076%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008763	−0.281%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008778	−0.110%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008791	+0.043%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	+0.004%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008778	−0.110%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.382%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	−0.144%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008810	+0.254%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008772	−0.173%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.144%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0131%	1h	0.008790	+0.028%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008784	−0.047%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008777	−0.122%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008788	+0.004%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.790%	$95K	$105K	50x	as long as short