Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against MEXC−0.057%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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 −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.057% cheaper against MEXC than usual: you would sell low and buy high (−$6 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	MEXC PENGU_USDT	0.009087	0.0100	pay 0.0050% / 4h	2h 04m	$11.0M	$12.8M	125x
Short	gTrade (Gains Network) PENGU/USD	0.009082	L +0.0007% / S −0.0003%	get 0.0000% / 1h	4m 23s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.057%Rate

Funding earned: −$20.38
Price spread: −0.057% → 0.000%: −$5.71
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$36.09
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; gTrade (Gains Network): 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, 4 min ago	0.55 bp	3.7 bp −$4	16.8 bp −$168	60.0 bp −$6,002	128.7 bp −$64.4K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.009082	−0.057%	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.279%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009095	+0.088%	$334K	$759K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009092	+0.055%	$639K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009100	+0.143%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009086	−0.016%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009082	−0.055%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009086	−0.016%	$39.7M	$183.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009073	−0.154%	$24.1M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009071	−0.176%	$8.0M	$53.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.143%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009083	−0.044%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009087	long leg	$11.0M	$12.8M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009087	0.000%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009087	0.000%	$8.7M	$13.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009084	−0.033%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009110	+0.253%	$298K	$359K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	−0.210%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	+0.041%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009100	+0.143%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	−0.099%	$23K	$188K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009322	+2.586%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009104	+0.187%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009116	+0.319%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009090	+0.038%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009101	+0.154%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009084	−0.038%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0272%	1h	0.009108	+0.231%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0295%	1h	0.009079	−0.084%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0300%	1h	0.009102	+0.165%	$1K	$29K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0310%	1h	0.009116	+0.325%	$340K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009105	+0.198%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009081	−0.066%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.078%	$81K	$80K	50x	as long as short