PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0505%/8h= −55.3% APRnext payment −$2.53 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against MEXC−0.092%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.092%, 7d avg −0.042%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.050% cheaper against MEXC than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.097% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008655	0.0100	pay 0.0050% / 4h	2h 49m	$12.7M	$12.6M	125x
Short	Bybit PENGUUSDT	0.008647	−0.0405	pay 0.0203% / 4h	2h 49m	$22.6M	$35.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$106.09
Price spread: −0.092% → −0.042%: −$5.04
Slippage, 4 orders: −$17.39
Fee MEXC: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$139.52
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	0.58 bp	1.8 bp −$2	15.1 bp −$151	52.1 bp −$5,210	89.3 bp −$44.6K
Sell Bybit live order book, 4 min ago	0.58 bp	11.2 bp −$11	24.5 bp −$245	91.4 bp −$9,136	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	−0.0552%	1h	0.008668	+0.149%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDTshort	−0.0405%	4h	0.008647	−0.092%	$22.6M	$35.7M	75x
Gate PENGU_USDT	−0.0362%	4h	0.008646	−0.104%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008669	+0.162%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0263%	1h	0.008666	+0.127%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.693%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.162%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008670	+0.174%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008669	+0.162%	$198	$59	5x	as long as short
Nado PENGU-PERP	+0.0078%	1h	0.008665	+0.116%	$672K	$759K	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	0.008657	+0.023%	$293K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008673	+0.208%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008671	+0.188%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008659	+0.046%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008658	+0.033%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008651	−0.046%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008655	long leg	$12.7M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008669	+0.162%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008656	+0.012%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008650	−0.058%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.109%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.308%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008657	+0.023%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008668	+0.150%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008873	+2.519%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008665	+0.116%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008678	+0.266%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008649	−0.066%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	+0.116%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008665	+0.120%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008647	−0.092%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008668	+0.150%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.865%	$94K	$97K	50x	as long as short