Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.093%

Price spread now: Injective against SunX−2.615%61s7-day average −3.522% · you buy dearer than you sell

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)−0.922%−$92 · spread now −2.615%, 7d avg −3.522%

Together, before fees−0.724%−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.907% dearer against SunX than usual: you sell high and buy low (spread −2.615% now, against its 7-day average of −3.522%): +$91 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 days. Mind the row above: over the last 7 days funding on this pair paid +0.198%, so the current rate has only just turned against you. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009025	0.0100	pay 0.0050% / 4h	2h 31m	$3K	$2.1M	10x
Short	Injective PENGU/USDC PERP	0.008789	0.0033	get 0.0004% / 1h	31m 40s	$3K	$117K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −2.615%Rate

Funding earned: −$14
Price spread: −2.615% → −3.522%: $90.74
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $68.72
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 4 min ago; Injective: 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, 4 min ago	248.26 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Variational Omni PENGU	−0.0010%	4h	0.008770	−2.824%	$872K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	−2.360%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−2.390%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0010%	4h	0.008796	−2.537%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERPshort	+0.0033%	1h	0.008789	−2.615%	$3K	$117K	5.5x
01 Exchange PENGUUSD	+0.0072%	1h	0.008803	−2.460%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	−2.449%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−2.382%	$19K	$168K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	−2.305%	$594K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008803	−2.460%	$8.3M	$14.9M	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	0.008801	−2.481%	$143K	$506K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008798	−2.515%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008803	−2.464%	$37.6M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−2.537%	$23.0M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008798	−2.515%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−2.493%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008798	−2.515%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008803	−2.460%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008803	−2.460%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008798	−2.515%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008803	−2.460%	$302K	$313K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−2.674%	$470K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	−2.471%	$80K	$248K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009025	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008809	−2.393%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008823	−2.238%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	−2.518%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	−2.449%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	−2.298%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	−2.332%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0247%	1h	0.008802	−2.470%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008812	−2.360%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	−0.643%	$95K	$100K	50x	as long as short