Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Nado against MEXC+0.034%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on MEXC Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+1.439%+$144 · spread now +0.034%, 7d avg +0.012%

Together, before fees+1.370%+ Points / potential airdropNado: Active · farm board+$137 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: Nado is 0.022% dearer against MEXC than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008851	0.0100	pay 0.0050% / 4h	2h 26m	$12.1M	$12.9M	125x
Short	Nado PENGU-PERP	0.008854	0.0100	get 0.0013% / 1h	26m 31s	$596K	$987K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.012%: $2.21
Slippage, 4 orders: −$15.1
Fee MEXC: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$19.88
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Nado: live order book, 42 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	0.56 bp	2.3 bp −$2	13.2 bp −$132	62.4 bp −$6,239	143.7 bp −$71.9K
Sell Nado live order book, 42 min ago	1.12 bp	7.2 bp −$7	48.8 bp −$488	doesn't fit	doesn't fit

PENGU on 33 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008850	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008855	+0.047%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0019%	4h	0.008791	−0.676%	$874K	$1.0M	—	as long as short
Gate PENGU_USDT	+0.0028%	4h	0.008848	−0.034%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.700%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008860	+0.102%	$203	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008854	+0.034%	$313K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008850	−0.011%	$19K	$165K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008850	−0.011%	$8.3M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008850	−0.012%	$143K	$508K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008851	0.000%	$156K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008855	+0.044%	$37.8M	$157.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008849	−0.023%	$23.2M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008851	0.000%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008860	+0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008851	long leg	$12.1M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008849	−0.023%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008854	+0.034%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008845	−0.068%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008841	−0.113%	$303K	$304K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008815	−0.407%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008806	−0.508%	$80K	$249K	50x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008854	+0.034%	$596K	$987K	5x
SunX PENGU-USDT	+0.0100%	4h	0.009069	+2.463%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008847	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008879	+0.316%	$95K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008852	+0.014%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008845	−0.068%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008856	+0.061%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008860	+0.098%	$299	—	10x	as long as short
dYdX PENGU-USD	+0.0268%	1h	0.008845	−0.068%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0708%	1h	0.008857	+0.068%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.311%	$95K	$94K	50x	as long as short