Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against MEXC+0.068%7-day average +0.052% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.068%, 7d avg +0.052%

Together, before fees−0.092%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008792	0.0100	pay 0.0050% / 4h	1h 34m	$12.9M	$12.7M	125x
Short	Lighter PENGU	0.008798	0.0096	get 0.0012% / 1h	34m 57s	$309K	$735K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$0.84
Price spread: +0.068% → +0.052%: $1.64
Slippage, 4 orders: −$26.48
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.68
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Lighter: live order book, 45 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	2.6 bp −$3	14.6 bp −$146	52.3 bp −$5,227	107.8 bp −$53.9K
Sell Lighter live order book, 45 min ago	2.30 bp	8.3 bp −$8	60.5 bp −$605	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	−0.0606%	1h	0.008799	+0.085%	$371K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008789	−0.034%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008800	+0.091%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0125%	4h	0.008774	−0.205%	$22.8M	$36.2M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008794	+0.023%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008802	+0.111%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.876%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0054%	4h	0.008794	+0.028%	$836K	$768K	—	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008798	+0.068%	$309K	$735K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008798	+0.068%	$681K	$757K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008793	+0.011%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.067%	$174K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	−0.011%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008786	−0.074%	$36.6M	$152.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008775	−0.193%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008792	long leg	$12.9M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008794	+0.023%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008788	−0.045%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008789	−0.034%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008795	+0.034%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008802	+0.115%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008831	+0.444%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008802	+0.114%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009003	+2.400%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008792	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008804	+0.136%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.158%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	+0.034%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0130%	1h	0.008792	−0.001%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008800	+0.093%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008786	−0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008801	+0.102%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.740%	$95K	$105K	50x	as long as short