Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.041%

Price spread now: MEXC against Deribit−0.022%7-day average — · you buy dearer than you sell

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

Long on Deribit 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 −$3 a day on $10k at the current rate, and MEXC is 0.022% cheaper against Deribit than usual: you would sell low and buy high (−$2 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	Deribit PENGU_USDC-PERPETUAL	0.009049	0.0192	pay 0.0024% / 1h	29m 37s	$1K	$29K	10x
Short	MEXC PENGU_USDT	0.009047	0.0100	get 0.0050% / 4h	3h 29m	$11.5M	$13.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$19.32
Price spread: −0.022% → 0.000%: −$2.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$28.53
Costs to cover: 0.070%
Break-even: never at this rate

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

Deribit: 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	−0.0372%	4h	0.009040	−0.099%	$3.7M	$18.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009048	−0.013%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.873%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009062	+0.144%	$329K	$757K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009047	−0.017%	$643K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009062	+0.144%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009049	−0.004%	$129K	$769K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009049	0.000%	$138K	$275K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009050	+0.011%	$40.0M	$197.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009035	−0.155%	$24.4M	$47.2M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009034	−0.166%	$8.2M	$58.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009050	+0.011%	$18K	$26K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.009047	−0.022%	$11.5M	$13.0M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009053	+0.044%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009044	−0.055%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009032	−0.188%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009051	+0.022%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009017	−0.353%	$933K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	+0.298%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009072	+0.254%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009045	−0.044%	$23K	$329K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009262	+2.354%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009059	+0.111%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009064	+0.166%	$94K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009038	−0.117%	$189K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009065	+0.177%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUALlong	+0.0192%	1h	0.009049	long leg	$1K	$29K	10x
Reya PENGURUSDPERP	+0.0241%	1h	0.009044	−0.058%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009062	+0.144%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009054	+0.055%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0381%	1h	0.009052	+0.029%	$336K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0351%	1h	0.009046	−0.033%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.790%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2146%	1h	0.009052	+0.038%	$21K	$18K	5x	as long as short