Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against MEXC−0.456%59s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on gTrade (Gains Network)

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.456% cheaper against MEXC than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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	MEXC PENGU_USDT	0.009058	0.0100	pay 0.0050% / 4h	1h 12m	$11.0M	$13.0M	125x
Short	gTrade (Gains Network) PENGU/USD	0.009017	L +0.0007% / S −0.0003%	get 0.0000% / 1h	12m 20s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.456%Rate

Funding earned: −$20.38
Price spread: −0.456% → 0.000%: −$45.61
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$75.99
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; gTrade (Gains Network): no order-book sample. 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 MEXC live order book, 1 min ago	0.55 bp	3.8 bp −$4	15.4 bp −$154	60.0 bp −$5,997	122.4 bp −$61.2K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.009017	−0.456%	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.970%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009050	−0.088%	$325K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009049	−0.099%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009064	+0.070%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009045	−0.144%	$137K	$258K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009057	−0.011%	$39.5M	$189.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009047	−0.121%	$24.0M	$44.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009051	−0.077%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009060	+0.022%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009052	−0.066%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009058	long leg	$11.0M	$13.0M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009058	0.000%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009062	+0.044%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009053	−0.055%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009015	−0.475%	$294K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009026	−0.354%	$920K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009046	−0.131%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009042	−0.177%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009053	−0.055%	$23K	$240K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009268	+2.318%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009056	−0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009071	+0.144%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009053	−0.061%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009049	−0.099%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0228%	1h	0.009063	+0.055%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009054	−0.043%	$306	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0302%	1h	0.009059	+0.011%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009046	−0.132%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009017	−0.453%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009052	−0.066%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0592%	1h	0.009054	−0.049%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009062	+0.039%	$337K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.850%	$80K	$70K	50x	as long as short