Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against MEXC+0.115%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on MEXC Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 7 days−0.062%−$6 · spread now +0.115%, 7d avg +0.055%

Together, before fees−0.039%−$4 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: Bitget is 0.060% dearer against MEXC than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008669	0.0100	pay 0.0050% / 4h	2h 57m	$12.8M	$12.6M	125x
Short	Bitget PENGUUSDT	0.008679	0.0100	get 0.0050% / 4h	2h 57m	$8.1M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against MEXC. 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 MEXCbpFee BitgetbpOrdersPrice spread, now +0.115%Rate

Funding earned: $0
Price spread: +0.115% → +0.055%: $6.03
Slippage, 4 orders: −$25.65
Fee MEXC: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$31.62
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Bitget: live order book, 1 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 MEXC live order book, 6 min ago	0.57 bp	4.0 bp −$4	13.4 bp −$134	57.5 bp −$5,747	121.8 bp −$60.9K
Sell Bitget live order book, 1 min ago	0.58 bp	18.5 bp −$19	24.0 bp −$240	74.0 bp −$7,402	doesn't fit

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	−0.0551%	1h	0.008682	+0.152%	$384K	$2.2M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0433%	1h	0.008670	+0.012%	$310K	$324K	10x	as long as short
Bybit PENGUUSDT	−0.0343%	4h	0.008667	−0.023%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008666	−0.035%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0210%	1h	0.008684	+0.173%	$21K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0144%	1h	0.008673	+0.046%	$198	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.531%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008682	+0.150%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.283%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008674	+0.058%	$294K	$718K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008672	+0.035%	$674K	$766K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008679	+0.115%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	+0.138%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008672	+0.035%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008672	+0.031%	$35.9M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008673	+0.046%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008669	long leg	$12.8M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008667	−0.023%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008679	+0.115%	$8.1M	$12.4M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008658	−0.127%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.792%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008703	+0.392%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008712	+0.496%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008687	+0.208%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008895	+2.607%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	+0.081%	$982	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008714	+0.519%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008667	−0.028%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008676	+0.081%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	+0.038%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008711	+0.484%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008692	+0.265%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.699%	$94K	$97K	50x	as long as short