Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: MEXC against gTrade (Gains Network)−0.119%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on MEXC

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

Funding pays, the price is against you. MEXC is 0.119% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.119% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008837	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	44m 51s	$34K	—	150x
Short	MEXC PENGU_USDT	0.008827	0.0100	get 0.0050% / 4h	44m 51s	$12.6M	$12.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now −0.119%Rate

Funding earned: $19.52
Price spread: −0.119% → 0.000%: −$11.87
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$2.35
Costs to cover: 0.100%
Break-even: 7.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; MEXC: live order book, 3 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.57 bp	3.6 bp −$4	11.2 bp −$112	44.3 bp −$4,431	93.0 bp −$46.5K

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
Kraken Futures PF_PENGUUSD	−0.0338%	1h	0.008845	+0.084%	$372K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0236%	4h	0.008826	−0.130%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0208%	4h	0.008821	−0.187%	$22.9M	$36.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0202%	1h	0.008837	−0.006%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0154%	4h	0.008831	−0.069%	$806K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008837	−0.006%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.549%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008837	long leg	$34K	—	150x
dYdX PENGU-USD	+0.0051%	1h	0.008830	−0.079%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0052%	1h	0.008837	−0.006%	$691K	$762K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0072%	1h	0.008833	−0.051%	$315K	$308K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008830	−0.085%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008838	+0.006%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008826	−0.130%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008835	−0.028%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008839	+0.017%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008825	−0.141%	$36.7M	$154.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008826	−0.130%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.028%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008827	−0.119%	$12.6M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008834	−0.039%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008831	−0.073%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008819	−0.209%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008815	−0.254%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	−0.334%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009054	+2.450%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008834	−0.039%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008856	+0.209%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008826	−0.125%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008839	+0.017%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008833	−0.056%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008836	−0.017%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008838	+0.006%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.142%	$94K	$104K	50x	as long as short