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 −0.001%

Price spread now: Orderly against MEXC+0.023%7-day average −0.006% · you sell dearer than you buy

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

Long on MEXC Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now +0.023%, 7d avg −0.006%

Together, before fees+0.053%+$5 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: Orderly is 0.029% dearer against MEXC than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008663	0.0100	pay 0.0050% / 4h	2h 32m	$12.8M	$12.7M	125x
Short	Orderly PERP_PENGU_USDC	0.008665	0.0100	get 0.0050% / 4h	2h 32m	$21K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → −0.006%: $2.93
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.07
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; Orderly: 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	0.58 bp	2.7 bp −$3	10.6 bp −$106	55.1 bp −$5,514	131.7 bp −$65.8K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_PENGUUSD	−0.0552%	1h	0.008665	+0.022%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0356%	4h	0.008658	−0.058%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008664	+0.012%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0162%	4h	0.008653	−0.115%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.600%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008658	−0.058%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	+0.039%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	+0.024%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008666	+0.035%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008667	+0.046%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008662	−0.006%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008668	+0.058%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008667	+0.047%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	+0.023%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008662	−0.013%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008658	−0.058%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.081%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008663	long leg	$12.8M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008661	−0.023%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008668	+0.058%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008650	−0.150%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.182%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	+0.102%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.104%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008665	+0.023%	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008872	+2.413%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008661	−0.023%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008687	+0.277%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008661	−0.029%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	−0.035%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008662	−0.014%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	+0.012%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008664	+0.012%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.408%	$92K	$96K	50x	as long as short