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% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against MEXC−0.115%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.134%+$13 · spread now −0.115%, 7d avg +0.033%

Together, before fees+0.071%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 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: Hyperliquid is 0.148% cheaper against MEXC than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008714	0.0100	pay 0.0050% / 4h	11m 02s	$12.3M	$12.6M	125x
Short	Hyperliquid PENGU	0.008704	0.0100	get 0.0013% / 1h	11m 02s	$8.4M	$15.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.115%Rate

Funding earned: $0
Price spread: −0.115% → +0.033%: −$14.79
Slippage, 4 orders: −$15.68
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$39.47
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	1.72 bp	4.1 bp −$4	10.9 bp −$109	54.0 bp −$5,395	127.3 bp −$63.6K
Sell Hyperliquid live order book, 12 min ago	1.14 bp	6.6 bp −$7	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	−0.0344%	1h	0.008710	−0.045%	$366K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0332%	4h	0.008709	−0.057%	$22.7M	$36.9M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008705	−0.103%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.238%	$859K	$927K	—	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008698	−0.184%	$199	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008702	−0.138%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0187%	1h	0.008700	−0.161%	$306K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.861%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0022%	1h	0.008707	−0.086%	$692K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008706	−0.089%	$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	+0.0019%	1h	0.008716	+0.027%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008721	+0.080%	$456K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008703	−0.126%	$304K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008703	−0.126%	$23K	$186K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008704	−0.115%	$8.4M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008708	−0.064%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008712	−0.023%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008713	−0.011%	$36.1M	$155.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008712	−0.023%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008714	long leg	$12.3M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008703	−0.126%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008716	+0.023%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008693	−0.241%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.172%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008915	+2.307%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008699	−0.172%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008718	+0.046%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008711	−0.031%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008697	−0.195%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008703	−0.127%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.092%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0683%	1h	0.008705	−0.103%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.620%	$93K	$103K	50x	as long as short