Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.060%

Price spread now: SunX against Deribit+2.346%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and SunX is 2.346% dearer against Deribit than usual: you sell high and buy low: +$235 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008780	0	get 0.0000% / 1h	2m 54s	$18K	$10K	10x
Short	SunX PENGU-USDT	0.008986	0.0100	get 0.0050% / 4h	2m 54s	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now +2.346%Rate

Funding earned: $21
Price spread: +2.346% → 0.000%: $234.62
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $240.62
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; SunX: 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 Deribit no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	249.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Deribit: 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
Kraken Futures PF_PENGUUSD	−0.0341%	1h	0.008791	+0.124%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0311%	4h	0.008777	−0.034%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.577%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0300%	4h	0.008779	−0.011%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	−0.034%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0152%	1h	0.008778	−0.023%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.103%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008775	−0.051%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUALlong	0.0000%	1h	0.008780	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008781	+0.006%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008782	+0.020%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	−0.205%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008783	+0.034%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0099%	4h	0.008783	+0.034%	$7.6M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	+0.011%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008781	+0.011%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008786	+0.063%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	−0.057%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008783	+0.034%	$36.5M	$155.3M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	0.000%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	+0.023%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	+0.057%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	+0.011%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008762	−0.205%	$80K	$254K	50x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.008986	+2.346%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008779	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008784	+0.046%	$90K	$284K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008779	−0.013%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.057%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008775	−0.058%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008779	−0.011%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.216%	$94K	$104K	50x	as long as short