Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: SunX against Injective+4.016%7-day average +3.485% · you sell dearer than you buy

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

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)−1.007%−$101 · spread now +4.016%, 7d avg +3.485%

Together, before fees−1.204%−$120 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.531% dearer against Injective than usual: you sell high and buy low: +$53 more if the spread goes back to its 7-day average of +3.485%. Mind the row above: over the last 7 days funding on this pair cost −0.197%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	2m 38s	$3K	$117K	5.5x
Short	SunX PENGU-USDT	0.009142	0.0100	get 0.0050% / 4h	2m 38s	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Injective. 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 InjectivebpFee SunXbpOrdersPrice spread, now +4.016%Rate

Funding earned: $14
Price spread: +4.016% → +3.485%: $53.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: $59.11
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	253.81 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Injective: 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	0.008931	+1.616%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008931	+1.619%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
Lighter PENGU	+0.0096%	1h	0.008945	+1.775%	$318K	$720K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008930	+1.604%	$24K	$93K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008946	+1.786%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008930	+1.600%	$127K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008941	+1.729%	$157K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008941	+1.732%	$38.0M	$166.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008938	+1.695%	$23.7M	$39.9M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008944	+1.764%	$7.5M	$48.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	+1.718%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008941	+1.729%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008943	+1.752%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008942	+1.741%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008951	+1.843%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008943	+1.752%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008929	+1.593%	$297K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008853	+0.728%	$922K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	+0.860%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008876	+0.990%	$80K	$242K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008929	+1.590%	$600K	$1.0M	5x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009142	+4.016%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008925	+1.547%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008918	+1.468%	$92K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008928	+1.587%	$184K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008921	+1.502%	$206K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008924	+1.536%	$204	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008928	+1.584%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008926	+1.559%	$1.5M	$3.8M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0359%	1h	0.008933	+1.636%	$350K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0426%	1h	0.008940	+1.715%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0572%	1h	0.008930	+1.604%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+1.968%	$95K	$63K	50x	as long as short