Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.055%

Price spread now: Deribit against SunX−2.404%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 Deribit

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 against this trade now: funding costs $0 a day on $10k at the current rate, and Deribit is 2.404% cheaper against SunX than usual: you would sell low and buy high (−$240 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009069	0.0100	pay 0.0050% / 4h	30m 09s	$3K	$2.0M	10x
Short	Deribit PENGU_USDC-PERPETUAL	0.008851	0.0089	get 0.0011% / 1h	30m 09s	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −2.404%Rate

Funding earned: −$2.31
Price spread: −2.404% → 0.000%: −$240.38
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$257.69
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Deribit: 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, 6 min ago	243.60 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008845	−2.468%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.087%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0064%	4h	0.008862	−2.283%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008853	−2.382%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUALshort	+0.0089%	1h	0.008851	−2.404%	$18K	$10K	10x
Lighter PENGU	+0.0096%	1h	0.008854	−2.371%	$315K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008852	−2.393%	$23K	$124K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008847	−2.442%	$595K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008871	−2.183%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008851	−2.409%	$122K	$586K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008858	−2.327%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008862	−2.283%	$37.1M	$162.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008859	−2.316%	$23.5M	$39.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008867	−2.227%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−2.194%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008863	−2.271%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008856	−2.349%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008869	−2.205%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008860	−2.305%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008863	−2.271%	$294K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−2.625%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−3.517%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−3.098%	$80K	$242K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009069	long leg	$3K	$2.0M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008851	−2.404%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008873	−2.161%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008847	−2.446%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008842	−2.503%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008843	−2.492%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008834	−2.591%	$1.5M	$3.6M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008858	−2.327%	$346K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0487%	1h	0.008854	−2.372%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008844	−2.481%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008886	−2.018%	$95K	$61K	50x	as long as short