Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: MEXC against Hyperliquid−0.104%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.090%+$9 · spread now −0.104%, 7d avg −0.033%

Together, before fees+0.152%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 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 0.071% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008669	0.0100	pay 0.0013% / 1h	13m 20s	$8.7M	$15.2M	5x
Short	MEXC PENGU_USDT	0.008660	0.0100	get 0.0050% / 4h	2h 13m	$12.8M	$12.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → −0.033%: −$7.08
Slippage, 4 orders: −$14.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$30.4
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	1.15 bp	8.3 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.58 bp	1.4 bp −$1	10.7 bp −$107	58.7 bp −$5,871	100.6 bp −$50.3K

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
Deribit PENGU_USDC-PERPETUAL	−0.0558%	1h	0.008660	−0.104%	$19K	$9K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0552%	1h	0.008663	−0.073%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0276%	4h	0.008657	−0.138%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.531%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0019%	1h	0.008684	+0.173%	$310K	$314K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008666	−0.035%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008663	−0.068%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0007%	1h	0.008685	+0.182%	$11K	$4K	5x	as long as short
Bybit PENGUUSDT	+0.0044%	4h	0.008650	−0.219%	$22.5M	$35.9M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008658	−0.127%	$296K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUlong	+0.0100%	1h	0.008669	long leg	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008671	+0.021%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008668	−0.012%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008656	−0.150%	$35.8M	$151.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008656	−0.150%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008660	−0.104%	$12.8M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008665	−0.046%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008660	−0.104%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008658	−0.127%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008675	+0.070%	$797K	$715K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.154%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008681	+0.138%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008664	−0.058%	$672K	$756K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008662	−0.081%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008866	+2.272%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008656	−0.150%	$991	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.058%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008655	−0.159%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008656	−0.150%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008661	−0.095%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008663	−0.069%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008663	−0.069%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.681%	$94K	$97K	50x	as long as short