Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: Nado against SunX−2.383%7-day average −2.741% · you buy dearer than you sell

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

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.108%−$11 · spread now −2.383%, 7d avg −2.741%

Together, before fees−0.175%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.359% dearer against SunX than usual: you sell high and buy low (spread −2.383% now, against its 7-day average of −2.741%): +$36 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008961	0.0100	pay 0.0050% / 4h	27m 56s	$2K	$2.1M	10x
Short	Nado PENGU-PERP	0.008747	0.0001	get 0.0000% / 1h	27m 56s	$695K	$774K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −2.383%Rate

Funding earned: −$20.82
Price spread: −2.383% → −2.741%: $35.89
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $0.07
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: SunX: live order book, 8 min ago; Nado: live order book, 50 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, 8 min ago	252.78 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 50 min ago	1.71 bp	8.6 bp −$9	48.9 bp −$489	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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008752	−2.331%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008744	−2.422%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0269%	4h	0.008742	−2.444%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008747	−2.388%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−2.472%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERP	−0.0133%	1h	0.008748	−2.377%	$312K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−1.919%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008749	−2.366%	$19K	$9K	10x	as long as short
Nado PENGU-PERPshort	+0.0001%	1h	0.008747	−2.383%	$695K	$774K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008750	−2.360%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008758	−2.269%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008745	−2.411%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008751	−2.343%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008750	−2.355%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008752	−2.332%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008758	−2.267%	$189K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008750	−2.355%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008746	−2.395%	$36.2M	$154.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008746	−2.399%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−2.355%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008747	−2.388%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008753	−2.321%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008753	−2.321%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008737	−2.500%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008754	−2.310%	$80K	$254K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008961	long leg	$2K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008746	−2.399%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008768	−2.154%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008744	−2.417%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	−2.410%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008744	−2.426%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	−2.355%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008750	−2.355%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	−1.931%	$94K	$103K	50x	as long as short