Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Extended against MEXC−0.071%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on MEXC Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.071%, 7d avg −0.040%

Together, before fees−0.007%+ Points / potential airdropExtended: Active · farm board−$1 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: Extended is 0.031% cheaper against MEXC than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008763	0.0100	pay 0.0050% / 4h	5m 10s	$12.4M	$12.7M	125x
Short	Extended PENGU-USD	0.008757	0.0104	get 0.0013% / 1h	5m 10s	$180K	$622K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0.84
Price spread: −0.071% → −0.040%: −$3.12
Slippage, 4 orders: −$20.9
Fee MEXC: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$28.19
Costs to cover: 0.259%
Break-even: 241.9 days

Slippage from MEXC: live order book, 3 min ago; Extended: live order book, 8 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, 3 min ago	0.57 bp	2.7 bp −$3	8.7 bp −$87	52.1 bp −$5,214	131.1 bp −$65.5K
Sell Extended live order book, 8 min ago	0.57 bp	9.9 bp −$10	84.0 bp −$840	doesn't fit	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	−0.0341%	1h	0.008769	+0.070%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0321%	4h	0.008758	−0.057%	$22.8M	$37.0M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.384%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008761	−0.023%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0272%	1h	0.008752	−0.126%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008761	−0.023%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.297%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0015%	1h	0.008751	−0.137%	$696K	$777K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008759	−0.046%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008757	−0.071%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0022%	1h	0.008753	−0.110%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0082%	4h	0.008733	−0.347%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008765	+0.023%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0098%	4h	0.008763	0.000%	$7.5M	$47.1M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008755	−0.091%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008764	+0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008766	+0.036%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008749	−0.160%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	+0.079%	$36.3M	$155.2M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.148%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008763	long leg	$12.4M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008760	−0.034%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008767	+0.046%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008763	0.000%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008741	−0.251%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008963	+2.282%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008761	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008776	+0.148%	$92K	$262K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008757	−0.071%	$180K	$622K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008755	−0.091%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008753	−0.115%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008758	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008757	−0.068%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.057%	$93K	$103K	50x	as long as short