Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0141%/8h= −15.5% APRpaid last 24h −0.041%

Price spread now: MEXC against Reya−0.060%63s7-day average — · you buy dearer than you sell

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

Long on Reya Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.060% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 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	Reya PENGURUSDPERP	0.008897	0.0241	pay 0.0030% / 1h	3m 22s	$300	—	10x
Short	MEXC PENGU_USDT	0.008892	0.0100	get 0.0050% / 4h	1h 03m	$12.2M	$12.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Reya. 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 ReyabpFee MEXCbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$29.71
Price spread: −0.060% → 0.000%: −$5.96
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 0 bp × 2 orders: $0
Net: −$41.67
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 3 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.56 bp	4.9 bp −$5	12.1 bp −$121	50.5 bp −$5,055	104.7 bp −$52.3K

Reya: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008887	−0.114%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008900	+0.030%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008895	−0.028%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.217%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008904	+0.076%	$339K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008891	−0.071%	$203	$141	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008896	−0.015%	$316K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008894	−0.043%	$613K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008896	−0.015%	$8.5M	$17.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008895	−0.031%	$108K	$833K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008891	−0.071%	$133K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008893	−0.049%	$38.2M	$197.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008888	−0.105%	$23.9M	$47.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008889	−0.093%	$8.4M	$56.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008890	−0.082%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008886	−0.127%	$3.6M	$18.4M	75x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008892	−0.060%	$12.2M	$12.9M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008890	−0.082%	$5.3M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008897	−0.003%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008883	−0.161%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008899	+0.019%	$298K	$402K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008890	−0.080%	$880K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008882	−0.172%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008882	−0.172%	$80K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008891	−0.071%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009109	+2.379%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008900	+0.030%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008913	+0.176%	$92K	$361K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008885	−0.143%	$179K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008900	+0.030%	$206K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0241%	1h	0.008897	long leg	$300	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008886	−0.127%	$1.6M	$5.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0359%	1h	0.008893	−0.048%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008982	+0.952%	$82K	$89K	50x	as long as short