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: Kraken Futures against MEXC+0.245%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

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

Long on MEXC Short on Kraken Futures

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)−0.077%−$8 · spread now +0.245%, 7d avg +0.091%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kraken Futures is 0.154% dearer against MEXC than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.091%.

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	MEXC PENGU_USDT	0.009075	0.0100	pay 0.0050% / 4h	2h 06m	$11.0M	$12.8M	125x
Short	Kraken Futures PF_PENGUUSD	0.009097	0.0310	get 0.0039% / 1h	6m 18s	$339K	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.245%Rate

Funding earned: $44.19
Price spread: +0.245% → +0.091%: $15.42
Slippage, 4 orders: −$57.01
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.4
Costs to cover: 0.670%
Break-even: 8.2 days

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: 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	0.55 bp	3.7 bp −$4	16.8 bp −$168	60.0 bp −$6,002	128.7 bp −$64.4K
Sell Kraken Futures live order book, 2 min ago	14.78 bp	31.1 bp −$31	58.0 bp −$580	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009072	−0.036%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.152%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009094	+0.209%	$334K	$759K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009074	−0.011%	$634K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009089	+0.154%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009082	+0.072%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009085	+0.110%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009081	+0.061%	$39.7M	$183.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009069	−0.066%	$24.0M	$43.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009081	+0.066%	$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	+0.165%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009071	−0.044%	$3.4M	$16.9M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009075	long leg	$11.0M	$12.8M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009075	0.000%	$5.2M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009087	+0.132%	$8.7M	$13.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009068	−0.077%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009089	+0.154%	$297K	$359K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009071	−0.045%	$947K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009071	−0.044%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009070	−0.055%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009088	+0.143%	$23K	$187K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009299	+2.468%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009086	+0.121%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009114	+0.430%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009085	+0.110%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009085	+0.110%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0190%	1h	0.009086	+0.121%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009075	+0.002%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0264%	1h	0.009087	+0.132%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0268%	1h	0.009079	+0.048%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0310%	1h	0.009097	+0.245%	$339K	$2.5M	50x
BloFin PENGU-USDT	+0.0340%	4h	0.009095	+0.220%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0390% / S −0.0291%	1h	0.009069	−0.066%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.212%	$81K	$80K	50x	as long as short