Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against SunX−2.455%7-day average −2.660% · you buy dearer than you sell

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −2.455%, 7d avg −2.660%

Together, before fees−0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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: Hyperliquid is 0.205% dearer against SunX than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of −2.660%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009206	0.0100	pay 0.0050% / 4h	3h 34m	$3K	$2.1M	10x
Short	Hyperliquid PENGU	0.008980	0.0100	get 0.0013% / 1h	34m 40s	$8.4M	$14.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −2.455%Rate

Funding earned: $0
Price spread: −2.455% → −2.660%: $20.52
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $3.52
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: SunX: live order book, 1 min ago; Hyperliquid: live order book, 8 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 SunX live order book, 1 min ago	249.65 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.56 bp	10.9 bp −$11	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
Gate PENGU_USDT	−0.0070%	4h	0.008976	−2.498%	$3.4M	$16.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008994	−2.303%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008992	−2.329%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.530%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0040%	1h	0.008971	−2.551%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008993	−2.314%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008984	−2.411%	$327K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008993	−2.308%	$603K	$1.0M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008980	−2.455%	$8.4M	$14.8M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008986	−2.387%	$139K	$640K	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	0.008969	−2.574%	$137K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008966	−2.607%	$38.4M	$171.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008959	−2.683%	$23.9M	$40.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008960	−2.672%	$7.9M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	−2.564%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008967	−2.596%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008964	−2.629%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008969	−2.574%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008980	−2.455%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008980	−2.455%	$300K	$328K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008981	−2.445%	$937K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008975	−2.507%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009012	−2.107%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008991	−2.335%	$24K	$93K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009206	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008983	−2.422%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009005	−2.183%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008975	−2.511%	$187K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008992	−2.325%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008992	−2.322%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008980	−2.455%	$1.6M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0415%	1h	0.008991	−2.335%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0609%	1h	0.008991	−2.340%	$352K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009010	−2.129%	$95K	$62K	50x	as long as short