Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.091%

Price spread now: Injective against MEXC+0.942%70s7-day average −0.730% · you sell dearer than you buy

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)−1.412%−$141 · spread now +0.942%, 7d avg −0.730%

Together, before fees−1.199%−$120 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.672% dearer against MEXC than usual: you sell high and buy low (spread +0.942% now, against its 7-day average of −0.730%): +$167 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. Mind the row above: over the last 7 days funding on this pair paid +0.213%, so the current rate has only just turned against you. The two prices were read 70 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	0.008707	0.0100	pay 0.0050% / 4h	52m 01s	$11.1M	$12.2M	125x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	52m 01s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.942%Rate

Funding earned: −$14
Price spread: +0.942% → −0.730%: $167.16
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $153.14
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: MEXC: live order book, 1 min ago; Injective: 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	2.9 bp −$3	13.8 bp −$138	63.0 bp −$6,296	125.5 bp −$62.7K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	+0.345%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008706	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008709	+0.018%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0014%	4h	0.008708	+0.011%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	+0.942%	$3K	$117K	5.5x
01 Exchange PENGUUSD	+0.0056%	1h	0.008704	−0.034%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008712	+0.057%	$310K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	+0.023%	$23K	$132K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008707	0.000%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008710	+0.034%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008712	+0.055%	$120K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008722	+0.172%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008708	+0.011%	$36.2M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008704	−0.034%	$23.0M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008705	−0.023%	$7.2M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	+0.034%	$19K	$23K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008707	long leg	$11.1M	$12.2M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008708	+0.011%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008705	−0.023%	$8.2M	$12.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008706	−0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008704	−0.034%	$297K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	+0.460%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.572%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008928	+2.538%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008706	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008723	+0.184%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008703	−0.044%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−0.080%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008709	+0.020%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	+0.333%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0368%	1h	0.008714	+0.082%	$341K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0451%	1h	0.008725	+0.201%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008707	0.000%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.986%	$95K	$61K	50x	as long as short