Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.054%

Price spread now: Deribit against MEXC−0.045%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.045% cheaper against MEXC than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008799	0.0100	pay 0.0050% / 4h	2h 22m	$10.4M	$12.6M	125x
Short	Deribit PENGU_USDC-PERPETUAL	0.008795	0.0091	get 0.0011% / 1h	22m 05s	$17K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$1.89
Price spread: −0.045% → 0.000%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$13.44
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; Deribit: no order-book sample. 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 MEXC live order book, 1 min ago	0.57 bp	4.2 bp −$4	13.8 bp −$138	57.4 bp −$5,742	136.4 bp −$68.2K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	−0.143%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.114%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALshort	+0.0091%	1h	0.008795	−0.045%	$17K	$12K	10x
Lighter PENGU	+0.0096%	1h	0.008797	−0.023%	$319K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008787	−0.139%	$589K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008813	+0.159%	$8.1M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008809	+0.111%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008770	−0.330%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008813	+0.158%	$37.2M	$177.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008803	+0.045%	$23.3M	$42.0M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008814	+0.170%	$7.5M	$51.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.216%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008795	−0.045%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008799	long leg	$10.4M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	0.000%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008816	+0.193%	$8.4M	$13.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008798	−0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	+0.068%	$290K	$338K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008742	−0.647%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008765	−0.386%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008750	−0.557%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008791	−0.091%	$23K	$174K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008991	+2.182%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008797	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008789	−0.114%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008794	−0.061%	$181K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008793	−0.068%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008784	−0.170%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008764	−0.395%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008785	−0.156%	$297	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0321%	1h	0.008802	+0.039%	$321K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008757	−0.477%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0466%	1h	0.008783	−0.182%	$122K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.295%	$78K	$76K	50x	as long as short