Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: MEXC against Injective−0.353%70s7-day average +0.730% · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 4 days (all we have)+0.823%+$82 · spread now −0.353%, 7d avg +0.730%

Together, before fees+0.610%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 1.083% cheaper against Injective than usual: you would sell low and buy high (spread −0.353% now, against its 7-day average of +0.730%). If the spread goes back, that is −$108 on $10k: about 54 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.213%, so the current rate has only just turned in your favour. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	10m 09s	$3K	$117K	5.5x
Short	MEXC PENGU_USDT	0.008758	0.0100	get 0.0050% / 4h	1h 10m	$11.3M	$12.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now −0.353%Rate

Funding earned: $14
Price spread: −0.353% → +0.730%: −$108.26
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: −$94.28
Costs to cover: 0.000%
Break-even: 54.1 days

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.57 bp	4.0 bp −$4	12.7 bp −$127	56.7 bp −$5,674	123.4 bp −$61.7K

Injective: 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
01 Exchange PENGUUSD	−0.0032%	1h	0.008782	−0.080%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008761	−0.319%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008763	−0.292%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008756	−0.375%	$3.3M	$15.7M	75x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008764	−0.284%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008761	−0.319%	$23K	$164K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008768	−0.239%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008760	−0.330%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008772	−0.197%	$121K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008779	−0.114%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008759	−0.336%	$36.5M	$160.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008754	−0.398%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008753	−0.410%	$7.3M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008758	−0.353%	$11.3M	$12.4M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008763	−0.296%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008761	−0.319%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008760	−0.330%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	−0.353%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008756	−0.378%	$869K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008744	−0.508%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	−0.353%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008992	+2.310%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008761	−0.319%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008796	+0.080%	$92K	$352K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008757	−0.367%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008752	−0.421%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0232%	1h	0.008778	−0.122%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008763	−0.296%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	−0.102%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008762	−0.307%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008770	−0.211%	$348K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.025%	$95K	$90K	50x	as long as short