Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.352%

Price spread now: dYdX against SunX−2.239%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 dYdX

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

Funding pays, the price is against you. dYdX is 2.239% cheaper against SunX than usual: you would sell low and buy high (spread −2.239% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$224 on $10k: about 32 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009034	0.0100	pay 0.0050% / 4h	2h 06m	$3K	$2.1M	10x
Short	dYdX PENGU-USD	0.008832	0.0334	get 0.0042% / 1h	6m 17s	$12K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −2.239%Rate

Funding earned: $49.1
Price spread: −2.239% → 0.000%: −$223.88
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$192.78
Costs to cover: 0.180%
Break-even: 34.5 days

Slippage unknown: SunX: live order book, 10 min ago; dYdX: 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, 10 min ago	327.67 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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 33 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	0.008821	−2.358%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	−2.369%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.712%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0092%	4h	0.008821	−2.358%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008819	−2.380%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008830	−2.258%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008822	−2.347%	$19K	$161K	20x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008820	−2.369%	$876K	$999K	—	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008820	−2.369%	$594K	$989K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008828	−2.280%	$8.2M	$14.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008828	−2.280%	$141K	$521K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008828	−2.280%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008814	−2.432%	$37.5M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008807	−2.513%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008805	−2.535%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−2.258%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008814	−2.435%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008821	−2.358%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008822	−2.347%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008813	−2.446%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008822	−2.347%	$302K	$296K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−2.665%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008793	−2.668%	$80K	$244K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009034	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008815	−2.424%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	−2.114%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008813	−2.448%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−2.424%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008826	−2.306%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008827	−2.292%	$298	—	10x	as long as short
dYdX PENGU-USDshort	+0.0334%	1h	0.008832	−2.239%	$12K	$4K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008819	−2.380%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	−0.742%	$95K	$94K	50x	as long as short