Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: MEXC against Lighter0.000%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now 0.000%, 7d avg −0.052%

Together, before fees+0.024%+ Points / potential airdropLighter: Season 3 · farm board+$2 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 0.052% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008788	0.0096	pay 0.0012% / 1h	35m 43s	$308K	$735K	8x
Short	MEXC PENGU_USDT	0.008788	0.0100	get 0.0050% / 4h	1h 35m	$12.9M	$12.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.84
Price spread: 0.000% → −0.052%: $5.19
Slippage, 4 orders: −$26.48
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$20.45
Costs to cover: 0.265%
Break-even: 177.4 days

Slippage from Lighter: live order book, 44 min ago; MEXC: live order book, 3 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 Lighter live order book, 44 min ago	2.30 bp	12.0 bp −$12	82.3 bp −$823	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.57 bp	3.6 bp −$4	9.3 bp −$93	46.0 bp −$4,597	113.8 bp −$56.9K

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	−0.0606%	1h	0.008793	+0.057%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008782	−0.068%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008795	+0.080%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0114%	4h	0.008784	−0.046%	$22.9M	$36.2M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008800	+0.137%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008799	+0.122%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.831%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	+0.324%	$839K	$768K	—	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008788	long leg	$308K	$735K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008789	+0.017%	$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	0.008791	+0.034%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	+0.058%	$174K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	+0.034%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	+0.023%	$36.4M	$152.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−0.046%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008788	0.000%	$12.9M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008790	+0.023%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008790	+0.023%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	0.000%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008782	−0.068%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.421%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008831	+0.489%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008795	+0.080%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009005	+2.469%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	−0.011%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008813	+0.284%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008786	−0.023%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	+0.023%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0130%	1h	0.008792	+0.045%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	+0.046%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008805	+0.193%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008798	+0.114%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.787%	$95K	$105K	50x	as long as short