Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: SunX against Lighter+2.146%7-day average +2.678% · you sell dearer than you buy

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 3 days (all we have)+0.254%+$25 · spread now +2.146%, 7d avg +2.678%

Together, before fees+0.266%+ Points / potential airdropLighter: Season 3 · farm board+$27 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: SunX is 0.532% cheaper against Lighter than usual: you would sell low and buy high, −$53 on $10k if it goes back to its 7-day average of +2.678%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008852	0.0096	pay 0.0012% / 1h	50m 45s	$307K	$698K	8x
Short	SunX PENGU-USDT	0.009042	0.0100	get 0.0050% / 4h	2h 50m	$2K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Lighter. 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 LighterbpFee SunXbpOrdersPrice spread, now +2.146%Rate

Funding earned: $0.84
Price spread: +2.146% → +2.678%: −$53.16
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$60.32
Costs to cover: 0.080%
Break-even: 509.7 days

Slippage unknown: Lighter: live order book, 14 min ago; SunX: live order book, 5 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 Lighter live order book, 14 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	253.40 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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
ApeX Omni PENGUUSDT	−0.0499%	1h	0.008806	−0.520%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0215%	1h	0.008820	−0.362%	$515K	$903K	5x	as long as short
Gate PENGU_USDT	−0.0094%	4h	0.008835	−0.192%	$3.4M	$15.3M	75x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	−0.405%	$873K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008827	−0.282%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	−0.321%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.712%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008826	−0.294%	$202	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008852	long leg	$307K	$698K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008826	−0.294%	$19K	$178K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008845	−0.079%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008831	−0.238%	$170K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008848	−0.045%	$153K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008851	−0.011%	$37.4M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008846	−0.068%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008848	−0.045%	$7.6M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008849	−0.034%	$12.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008852	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008854	+0.023%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008848	−0.045%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008825	−0.305%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008818	−0.386%	$467K	$2.0M	10x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009042	+2.146%	$2K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008826	−0.294%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008821	−0.350%	$90K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008828	−0.271%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008824	−0.316%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0106%	1h	0.008843	−0.104%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008835	−0.192%	$365K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.392%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008826	−0.294%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008823	−0.328%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.299%	$95K	$104K	50x	as long as short