Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h −0.094%

Price spread now: MEXC against Injective+0.614%7-day average — · you sell dearer than you buy

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and MEXC is 0.614% dearer against Injective than usual: you sell high and buy low: +$61 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	−0.0114	get 0.0014% / 1h	55m 13s	$3K	$117K	5.5x
Short	MEXC PENGU_USDT	0.008843	0.0100	get 0.0050% / 4h	55m 13s	$12.7M	$12.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now +0.614%Rate

Funding earned: $44.96
Price spread: +0.614% → 0.000%: $61.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: $106.38
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 8 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 8 min ago	0.57 bp	3.1 bp −$3	14.3 bp −$143	53.9 bp −$5,386	126.8 bp −$63.4K

Injective: 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	−0.0338%	1h	0.008847	+0.659%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008836	+0.535%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0217%	4h	0.008831	+0.478%	$22.9M	$36.5M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	+0.208%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008842	+0.603%	$202	$59	5x	as long as short
Injective PENGU/USDC PERPlong	−0.0114%	1h	0.008789	long leg	$3K	$117K	5.5x
Deribit PENGU_USDC-PERPETUAL	−0.0089%	1h	0.008839	+0.569%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0004%	1h	0.008838	+0.563%	$689K	$761K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008842	+0.606%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008832	+0.488%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008837	+0.546%	$310K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008841	+0.592%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008842	+0.603%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008843	+0.615%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	+0.501%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008840	+0.580%	$36.7M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008835	+0.523%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.580%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008843	+0.614%	$12.7M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008843	+0.614%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008842	+0.603%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008836	+0.535%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008826	+0.421%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008813	+0.276%	$461K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	+0.341%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009052	+2.992%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008834	+0.512%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008856	+0.762%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008833	+0.505%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008839	+0.569%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008837	+0.546%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008840	+0.580%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0711%	1h	0.008842	+0.603%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.694%	$94K	$104K	50x	as long as short