Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: MEXC against Orderly−0.011%7-day average +0.012% · you buy dearer than you sell

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

Long on Orderly Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.011%, 7d avg +0.012%

Together, before fees−0.027%−$3 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: MEXC is 0.024% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008751	0.0100	pay 0.0050% / 4h	2h 28m	$23K	$166K	20x
Short	MEXC PENGU_USDT	0.008750	0.0100	get 0.0050% / 4h	2h 28m	$10.4M	$12.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Orderly. 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 OrderlybpFee MEXCbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.012%: −$2.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee MEXC: 0 bp × 2 orders: $0
Net: −$8.38
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; MEXC: live order book, just now. 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 Orderly no order-book sample	—	—	—	—	—
Sell MEXC live order book, just now	0.57 bp	3.0 bp −$3	24.9 bp −$249	64.3 bp −$6,432	147.3 bp −$73.6K

Orderly: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008753	+0.023%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.099%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.434%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008758	+0.080%	$317K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008764	+0.149%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008758	+0.082%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008747	−0.046%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008753	+0.028%	$36.9M	$177.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008746	−0.057%	$23.2M	$41.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008750	−0.011%	$7.5M	$50.4M	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	0.008750	−0.011%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008753	+0.023%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008750	−0.011%	$10.4M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008755	+0.046%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008754	+0.034%	$8.3M	$13.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008755	+0.046%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	+0.023%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008739	−0.135%	$912K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.064%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008731	−0.229%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008741	−0.114%	$586K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008751	long leg	$23K	$166K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008947	+2.240%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008754	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	+0.160%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008747	−0.045%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	−0.069%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008752	+0.011%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0193%	1h	0.008752	+0.009%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008742	−0.105%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008757	+0.065%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008774	+0.263%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0466%	1h	0.008743	−0.091%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.846%	$78K	$76K	50x	as long as short