Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against MEXC−0.011%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.022%−$2 · spread now −0.011%, 7d avg −0.044%

Together, before fees−0.141%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.033% dearer against MEXC than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008797	0.0100	pay 0.0050% / 4h	2h 02m	$11.9M	$12.9M	125x
Short	Bybit PENGUUSDT	0.008796	0.0100	get 0.0050% / 4h	2h 02m	$23.2M	$38.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against MEXC. 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 MEXCbpFee BybitbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → −0.044%: $3.31
Slippage, 4 orders: −$19.99
Fee MEXC: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.68
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Bybit: live order book, 1 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 MEXC live order book, 6 min ago	1.70 bp	5.4 bp −$5	14.4 bp −$144	52.5 bp −$5,251	114.2 bp −$57.1K
Sell Bybit live order book, 1 min ago	0.57 bp	11.6 bp −$12	22.4 bp −$224	100.4 bp −$10.0K	doesn't fit

PENGU on 33 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008809	+0.136%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008805	+0.095%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.091%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	+0.080%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008814	+0.193%	$202	$64	5x	as long as short
Gate PENGU_USDT	+0.0098%	4h	0.008800	+0.034%	$3.4M	$15.6M	75x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008809	+0.136%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008805	+0.091%	$593K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008801	+0.045%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.011%	$138K	$521K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008799	+0.023%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008799	+0.023%	$37.4M	$157.3M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008796	−0.011%	$23.2M	$38.2M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	+0.023%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008797	long leg	$11.9M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008798	+0.011%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008800	+0.034%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008800	+0.034%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008796	−0.011%	$301K	$292K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.181%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008794	−0.034%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.307%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.512%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.159%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008840	+0.489%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008800	+0.032%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008801	+0.045%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	+0.244%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008803	+0.065%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0327%	1h	0.008801	+0.045%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	+0.057%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.932%	$95K	$94K	50x	as long as short