Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h −0.005%

Price spread now: MEXC against Kraken Futures−0.244%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$670.670% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.244%, 7d avg −0.091%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and MEXC is 0.154% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.091%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.009097	0.0310	pay 0.0039% / 1h	6m 19s	$339K	$2.5M	50x
Short	MEXC PENGU_USDT	0.009075	0.0100	get 0.0050% / 4h	2h 06m	$11.0M	$12.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.244%Rate

Funding earned: −$44.19
Price spread: −0.244% → −0.091%: −$15.36
Slippage, 4 orders: −$57.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$126.56
Costs to cover: 0.670%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; MEXC: live order book, 2 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 Kraken Futures live order book, 2 min ago	14.78 bp	28.5 bp −$29	72.3 bp −$723	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.55 bp	3.7 bp −$4	14.0 bp −$140	59.6 bp −$5,962	130.1 bp −$65.1K

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	0.009072	−0.280%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.388%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009094	−0.036%	$334K	$759K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009074	−0.255%	$634K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009089	−0.091%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009082	−0.173%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009085	−0.134%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009081	−0.184%	$39.7M	$183.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009069	−0.310%	$24.0M	$43.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009081	−0.178%	$7.9M	$53.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009090	−0.080%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009071	−0.288%	$3.4M	$16.9M	75x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.009075	−0.244%	$11.0M	$12.8M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009075	−0.244%	$5.2M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009087	−0.113%	$8.7M	$13.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009068	−0.321%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009089	−0.091%	$297K	$359K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009071	−0.289%	$947K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009071	−0.288%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009070	−0.299%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009088	−0.102%	$23K	$187K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009299	+2.218%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009086	−0.124%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009114	+0.184%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009085	−0.135%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009085	−0.134%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0190%	1h	0.009086	−0.124%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009075	−0.242%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0264%	1h	0.009087	−0.113%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0268%	1h	0.009079	−0.196%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0310%	1h	0.009097	long leg	$339K	$2.5M	50x
BloFin PENGU-USDT	+0.0340%	4h	0.009095	−0.025%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0390% / S −0.0291%	1h	0.009069	−0.310%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+0.965%	$81K	$80K	50x	as long as short