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 −0.020%

Price spread now: GRVT against MEXC−0.419%97s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$700.698% of the position

Long on MEXC Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 7 days+0.459%+$46 · spread now −0.419%, 7d avg +0.008%

Together, before fees+0.396%+ Points / potential airdropGRVT: Active · farm board+$40 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: GRVT is 0.427% cheaper against MEXC than usual: you would sell low and buy high, −$43 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 97 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008828	0.0100	pay 0.0050% / 4h	55m 48s	$12.6M	$12.6M	125x
Short	GRVT PENGU_USDT_Perp	0.008791	0.0100	get 0.0050% / 4h	55m 48s	$460K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.419%Rate

Funding earned: $0
Price spread: −0.419% → +0.008%: −$42.73
Slippage, 4 orders: −$60.8
Fee MEXC: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$112.53
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from MEXC: live order book, 8 min ago; GRVT: live order book, 3 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, 8 min ago	0.57 bp	2.9 bp −$3	12.9 bp −$129	55.8 bp −$5,583	128.1 bp −$64.1K
Sell GRVT live order book, 3 min ago	21.55 bp	28.9 bp −$29	doesn't fit	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	−0.0339%	1h	0.008839	+0.122%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008829	+0.011%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0219%	4h	0.008823	−0.057%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008819	−0.102%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.442%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008765	−0.710%	$801K	$802K	—	as long as short
Nado PENGU-PERP	−0.0011%	1h	0.008819	−0.102%	$688K	$760K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	+0.034%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008828	0.000%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0028%	1h	0.008816	−0.139%	$12K	$4K	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	0.008830	+0.023%	$309K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008832	+0.045%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	+0.034%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008833	+0.055%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008817	−0.125%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008830	+0.023%	$36.7M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008830	+0.023%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008828	long leg	$12.6M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.045%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.068%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008819	−0.102%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008826	−0.023%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.008791	−0.419%	$460K	$2.3M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008798	−0.340%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.277%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008827	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008824	−0.045%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008825	−0.028%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008827	−0.011%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008821	−0.080%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.204%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008827	−0.011%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008841	+0.147%	$94K	$104K	50x	as long as short