Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.355%

Price spread now: MEXC against dYdX−0.030%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and MEXC is 0.030% cheaper against dYdX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.008935	0.0112	pay 0.0014% / 1h	4m 28s	$12K	$4K	5x
Short	MEXC PENGU_USDT	0.008932	0.0100	get 0.0050% / 4h	3h 04m	$13.1M	$12.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$2.48
Price spread: −0.030% → 0.000%: −$3.04
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$15.51
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 4 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	2.24 bp	4.9 bp −$5	15.1 bp −$151	53.5 bp −$5,349	123.8 bp −$61.9K

dYdX: 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	−0.0387%	1h	0.008933	−0.019%	$372K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008938	+0.037%	$204	$59	5x	as long as short
Gate PENGU_USDT	−0.0118%	4h	0.008918	−0.187%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	−0.278%	$920K	$975K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008927	−0.086%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008921	−0.151%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.631%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008940	+0.059%	$310K	$733K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008910	−0.277%	$19K	$178K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008930	−0.047%	$708K	$765K	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	0.008931	−0.042%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008933	−0.019%	$191K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008935	+0.003%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008921	−0.157%	$37.8M	$156.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008910	−0.277%	$23.3M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008908	−0.299%	$7.7M	$48.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	+0.059%	$20K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008932	−0.030%	$13.1M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008935	+0.003%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008933	−0.019%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008905	−0.333%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008919	−0.176%	$307K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008952	+0.188%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008958	+0.261%	$82K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009138	+2.275%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008925	−0.109%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008936	+0.014%	$92K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008928	−0.076%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008918	−0.187%	$206K	—	3x	as long as short
dYdX PENGU-USDlong	+0.0112%	1h	0.008935	long leg	$12K	$4K	5x
Reya PENGURUSDPERP	+0.0238%	1h	0.008924	−0.118%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008925	−0.109%	$1.5M	$2.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008919	−0.176%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+0.361%	$95K	$104K	50x	as long as short