Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Nado against MEXC−0.105%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on MEXC Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 4 days (all we have)+0.341%+$34 · spread now −0.105%, 7d avg +0.005%

Together, before fees+0.274%+ Points / potential airdropNado: Active · farm board+$27 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: Nado is 0.110% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.009027	0.0100	pay 0.0050% / 4h	1h 30m	$11.0M	$12.9M	125x
Short	Nado PENGU-PERP	0.009017	0.0100	get 0.0012% / 1h	30m 09s	$635K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.105%Rate

Funding earned: $0
Price spread: −0.105% → +0.005%: −$11.02
Slippage, 4 orders: −$21.21
Fee MEXC: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$39.23
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Nado: live order book, 3 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, 3 min ago	0.55 bp	3.4 bp −$3	13.6 bp −$136	68.9 bp −$6,889	136.4 bp −$68.2K
Sell Nado live order book, 3 min ago	1.66 bp	11.5 bp −$11	27.5 bp −$275	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	0.009024	−0.037%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.637%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009033	+0.066%	$324K	$768K	8x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.009017	−0.105%	$635K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009034	+0.076%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009017	−0.111%	$136K	$295K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009030	+0.038%	$39.5M	$188.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009021	−0.066%	$23.9M	$44.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009022	−0.055%	$8.0M	$54.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009020	−0.078%	$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	0.009022	−0.055%	$3.4M	$17.2M	75x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.009027	long leg	$11.0M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.009025	−0.022%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009032	+0.055%	$8.6M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009026	−0.011%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009022	−0.055%	$310K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009012	−0.167%	$918K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009017	−0.108%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009022	−0.055%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009024	−0.033%	$23K	$220K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009235	+2.304%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009026	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009032	+0.055%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009023	−0.041%	$185K	$526K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009020	−0.078%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009018	−0.103%	$305	—	10x	as long as short
Hyperliquid PENGU	+0.0297%	1h	0.009025	−0.022%	$9.0M	$16.2M	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0304%	1h	0.009029	+0.022%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009020	−0.078%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009021	−0.066%	$206	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009019	−0.089%	$106K	—	100x	as long as short
dYdX PENGU-USD	+0.0668%	1h	0.009012	−0.164%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0675%	1h	0.009033	+0.064%	$337K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+1.374%	$81K	$69K	50x	as long as short