Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1988%/8h= −217.7% APRpaid last 24h −0.658%

Price spread now: MEXC against Coinbase International−1.867%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.858%−$186 on $10k

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 −$60 a day on $10k at the current rate, and MEXC is 1.867% cheaper against Coinbase International than usual: you would sell low and buy high (−$187 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	Coinbase International PENGU-PERP-INTX	0.009211	0.2088	pay 0.0261% / 1h	32m 00s	$81K	$73K	50x
Short	MEXC PENGU_USDT	0.009039	0.0100	get 0.0050% / 4h	3h 32m	$11.5M	$13.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −1.867%Rate

Funding earned: −$417.48
Price spread: −1.867% → 0.000%: −$186.73
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$614.21
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 1 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 Coinbase International no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	1.10 bp	4.0 bp −$4	11.7 bp −$117	61.1 bp −$6,112	118.7 bp −$59.4K

Coinbase International: 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
Gate PENGU_USDT	−0.0340%	4h	0.009028	−1.987%	$3.7M	$17.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009025	−2.019%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009012	−2.156%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.581%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009028	−1.987%	$329K	$756K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009021	−2.063%	$641K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009044	−1.813%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009048	−1.773%	$132K	$769K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009041	−1.846%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009050	−1.750%	$40.0M	$197.3M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009046	−1.791%	$24.4M	$47.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009044	−1.813%	$8.1M	$58.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	−1.856%	$18K	$26K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.009039	−1.867%	$11.5M	$13.0M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009035	−1.911%	$5.0M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009060	−1.639%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009035	−1.911%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009028	−1.987%	$313K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009099	−1.216%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	−1.466%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009132	−0.858%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009024	−2.030%	$23K	$328K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009232	+0.228%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009019	−2.084%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009040	−1.856%	$94K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009016	−2.121%	$188K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009055	−1.694%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009018	−2.093%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	−1.737%	$1.6M	$5.2M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009044	−1.813%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0382%	1h	0.009026	−2.008%	$335K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0351%	1h	0.009011	−2.171%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2088%	1h	0.009211	long leg	$81K	$73K	50x
dYdX PENGU-USD	+0.2355%	1h	0.009038	−1.875%	$21K	$18K	5x	as long as short