Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.326%

Price spread now: dYdX against MEXC−0.115%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and dYdX is 0.115% cheaper against MEXC than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008999	0.0100	pay 0.0050% / 4h	3h 55m	$11.0M	$12.3M	125x
Short	dYdX PENGU-USD	0.008989	0.0080	get 0.0010% / 1h	55m 46s	$12K	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$4.09
Price spread: −0.115% → 0.000%: −$11.46
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$25.55
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; dYdX: 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, 3 min ago	0.56 bp	1.9 bp −$2	17.5 bp −$175	58.0 bp −$5,797	114.1 bp −$57.1K
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	0.008992	−0.080%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.334%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008966	−0.367%	$205	$64	5x	as long as short
dYdX PENGU-USDshort	+0.0080%	1h	0.008989	−0.115%	$12K	$5K	5x
Deribit PENGU_USDC-PERPETUAL	+0.0083%	1h	0.009004	+0.056%	$19K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009001	+0.022%	$320K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008959	−0.442%	$602K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008996	−0.033%	$8.4M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008975	−0.267%	$129K	$596K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008992	−0.078%	$158K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008996	−0.037%	$38.4M	$167.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008995	−0.044%	$23.8M	$40.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008996	−0.033%	$7.7M	$49.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	−0.322%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008973	−0.289%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008999	long leg	$11.0M	$12.3M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008978	−0.233%	$4.8M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008991	−0.089%	$8.8M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008970	−0.322%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008999	0.000%	$301K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	−0.012%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008918	−0.904%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008916	−0.922%	$81K	$242K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009000	+0.011%	$24K	$85K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009225	+2.511%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009008	+0.100%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008972	−0.299%	$185K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009002	+0.033%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008961	−0.420%	$303	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008980	−0.211%	$1.5M	$4.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0477%	1h	0.008988	−0.122%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0607%	1h	0.009016	+0.187%	$352K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009069	+0.778%	$96K	$61K	50x	as long as short