Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against MEXC+0.106%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on MEXC Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.370%−$37 · spread now +0.106%, 7d avg −0.042%

Together, before fees−0.370%+ Points / potential airdropExtended: Active · farm board−$37 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: Extended is 0.147% dearer against MEXC than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.009044	0.0100	pay 0.0050% / 4h	3h 31m	$11.5M	$13.0M	125x
Short	Extended PENGU-USD	0.009054	0.0104	get 0.0013% / 1h	31m 13s	$189K	$744K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against MEXC. 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 MEXCbpFee ExtendedbpOrdersPrice spread, now +0.106%Rate

Funding earned: $0.84
Price spread: +0.106% → −0.042%: $14.75
Slippage, 4 orders: −$24.92
Fee MEXC: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$14.33
Costs to cover: 0.299%
Break-even: 126.4 days

Slippage from MEXC: live order book, 2 min ago; Extended: 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 MEXC live order book, 2 min ago	1.10 bp	5.1 bp −$5	15.5 bp −$155	60.8 bp −$6,076	119.1 bp −$59.5K
Sell Extended live order book, 2 min ago	1.65 bp	10.4 bp −$10	85.9 bp −$859	doesn't fit	doesn't fit

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	−0.0348%	4h	0.009043	−0.011%	$3.7M	$17.9M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009027	−0.189%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.820%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009058	+0.155%	$328K	$757K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009046	+0.022%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009059	+0.165%	$132K	$769K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	−0.077%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009055	+0.124%	$40.0M	$197.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009041	−0.033%	$24.4M	$47.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009036	−0.088%	$8.2M	$58.0M	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	0.009040	−0.044%	$18K	$26K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009044	long leg	$11.5M	$13.0M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009045	+0.011%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009048	+0.044%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009032	−0.133%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009042	−0.022%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009099	+0.608%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	+0.354%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009072	+0.310%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009027	−0.188%	$642K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009059	+0.166%	$23K	$329K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009273	+2.532%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009059	+0.166%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+0.133%	$94K	$416K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.009054	+0.106%	$189K	$744K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.009065	+0.232%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0192%	1h	0.009063	+0.210%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009027	−0.185%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009062	+0.199%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009040	−0.044%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0381%	1h	0.009068	+0.265%	$337K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0351%	1h	0.009045	+0.011%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.847%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2291%	1h	0.009046	+0.025%	$21K	$18K	5x	as long as short