Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1252%/8h= −137.1% APRpaid last 24h −0.585%

Price spread now: SunX against Coinbase International+0.435%7-day average +1.917% · you sell dearer than you buy

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

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.724%−$172 on $10k

Price spread, last 3 days (all we have)+1.265%+$127 · spread now +0.435%, 7d avg +1.917%

Together, before fees−0.458%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and SunX is 1.482% cheaper against Coinbase International than usual: you would sell low and buy high (−$148 if the spread goes back to its 7-day average of +1.917%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	pay 0.0169% / 1h	5m 08s	$95K	$94K	50x
Short	SunX PENGU-USDT	0.009006	0.0100	get 0.0050% / 4h	2h 05m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee SunXbpOrdersPrice spread, now +0.435%Rate

Funding earned: −$262.92
Price spread: +0.435% → +1.917%: −$148.23
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$429.15
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 28 min ago; SunX: live order book, 1 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 Coinbase International live order book, 28 min ago	84.41 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 1 min ago	256.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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	0.008798	−1.885%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008800	−1.857%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.985%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0094%	4h	0.008790	−1.974%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008802	−1.840%	$312K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008797	−1.896%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008797	−1.896%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008796	−1.910%	$593K	$989K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008795	−1.918%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008799	−1.878%	$138K	$521K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008802	−1.840%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008797	−1.899%	$37.4M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008790	−1.974%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008792	−1.952%	$7.5M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−1.862%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008796	−1.907%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	−1.874%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008797	−1.896%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008799	−1.874%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−1.940%	$301K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	−1.718%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−1.938%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	−1.595%	$80K	$243K	50x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009006	+0.435%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008799	−1.874%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	−1.662%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−1.913%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−1.974%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	−1.784%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	−1.849%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0334%	1h	0.008803	−1.826%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	−1.840%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1352%	1h	0.008967	long leg	$95K	$94K	50x