Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.2036%/8h= +222.9% APRpaid last 24h +0.671%

Price spread now: Coinbase International against SunX−2.046%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.875%+$187 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 2.046% cheaper against SunX than usual: you would sell low and buy high (spread −2.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$205 on $10k: about 3.3 days of funding at the current rate (+$61 a day). At the pace of the last 7 days (+1.875% in total) that is about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009091	0.0100	pay 0.0050% / 4h	1h 31m	$2K	$2.0M	10x
Short	Coinbase International PENGU-PERP-INTX	0.008905	0.2136	get 0.0267% / 1h	31m 47s	$81K	$92K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −2.046%Rate

Funding earned: $427.56
Price spread: −2.046% → 0.000%: −$204.6
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $204.96
Costs to cover: 0.180%
Break-even: 3.6 days

Slippage unknown: SunX: live order book, 8 min ago; Coinbase International: no order-book sample. 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 SunX live order book, 8 min ago	253.11 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	0.008882	−2.300%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008879	−2.332%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008880	−2.321%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.322%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008893	−2.178%	$328K	$2.7M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.008901	−2.090%	$318K	$709K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008902	−2.079%	$8.6M	$17.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008896	−2.147%	$107K	$786K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008897	−2.134%	$134K	$224K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008897	−2.134%	$38.4M	$194.9M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008891	−2.200%	$23.7M	$47.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008899	−2.112%	$8.3M	$55.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−2.321%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008893	−2.178%	$3.6M	$18.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008898	−2.123%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008897	−2.134%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008899	−2.112%	$8.5M	$14.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008896	−2.145%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008892	−2.189%	$296K	$367K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008914	−1.944%	$883K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008934	−1.731%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008910	−1.991%	$80K	$247K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008886	−2.249%	$634K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008881	−2.310%	$23K	$357K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009091	long leg	$2K	$2.0M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008886	−2.255%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008896	−2.145%	$93K	$369K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008895	−2.155%	$179K	$742K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008883	−2.288%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0144%	1h	0.008846	−2.695%	$202	$141	5x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.008886	−2.255%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008869	−2.442%	$1.6M	$5.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0359%	1h	0.008913	−1.958%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2136%	1h	0.008905	−2.046%	$81K	$92K	50x