Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against MEXC+0.188%7-day average +0.050% · 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−$12as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.188%, 7d avg +0.050%

Together, before fees−0.162%+ Points / potential airdropLighter: Season 3 · farm board−$16 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: Lighter is 0.138% dearer against MEXC than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.009064	0.0100	pay 0.0050% / 4h	2h 02m	$11.0M	$12.8M	125x
Short	Lighter PENGU	0.009081	0.0096	get 0.0012% / 1h	2m 53s	$334K	$759K	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 +0.188%Rate

Funding earned: −$0.84
Price spread: +0.188% → +0.050%: $13.76
Slippage, 4 orders: −$25.41
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.49
Costs to cover: 0.254%
Break-even: never at this rate

Slippage from MEXC: live order book, just now; Lighter: 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, just now	0.55 bp	2.4 bp −$2	16.3 bp −$163	59.6 bp −$5,958	126.8 bp −$63.4K
Sell Lighter live order book, 42 min ago	1.70 bp	8.0 bp −$8	73.4 bp −$734	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009066	+0.023%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.034%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009081	+0.188%	$334K	$759K	8x
Hyperliquid PENGU	+0.0100%	1h	0.009086	+0.243%	$9.3M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009074	+0.107%	$120K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009073	+0.099%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009073	+0.099%	$39.6M	$184.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009062	−0.022%	$24.0M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009068	+0.044%	$8.0M	$53.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009080	+0.177%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009068	+0.044%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009064	long leg	$11.0M	$12.8M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009064	0.000%	$5.2M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009075	+0.121%	$8.6M	$13.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009068	+0.044%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009070	+0.066%	$300K	$364K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	+0.043%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	+0.295%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.408%	$82K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009076	+0.132%	$638K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009070	+0.066%	$23K	$188K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009282	+2.405%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009070	+0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009086	+0.243%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009060	−0.047%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009067	+0.033%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0191%	1h	0.009071	+0.077%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009068	+0.044%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0280%	1h	0.009082	+0.199%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0289%	1h	0.009071	+0.073%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0311%	1h	0.009085	+0.227%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009077	+0.143%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0390% / S −0.0291%	1h	0.009063	−0.011%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.335%	$81K	$80K	50x	as long as short