Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against SunX−2.249%7-day average −2.671% · you buy dearer than you sell

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

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 3 days (all we have)−0.135%−$14 · spread now −2.249%, 7d avg −2.671%

Together, before fees−0.146%+ Points / potential airdropLighter: Season 3 · farm board−$15 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: Lighter is 0.422% dearer against SunX than usual: you sell high and buy low, +$42 on $10k if it goes back to its 7-day average of −2.671%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008938	0.0100	pay 0.0050% / 4h	1h 57m	$3K	$2.0M	10x
Short	Lighter PENGU	0.008737	0.0096	get 0.0012% / 1h	57m 06s	$310K	$707K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −2.249%Rate

Funding earned: −$0.84
Price spread: −2.249% → −2.671%: $42.22
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $33.38
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 9 min ago; Lighter: live order book, 3 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, 9 min ago	256.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	3.41 bp	17.1 bp −$17	74.8 bp −$748	doesn't fit	doesn't fit

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	−0.0093%	1h	0.008731	−2.316%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008734	−2.285%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.667%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0068%	4h	0.008737	−2.249%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008731	−2.316%	$200	$64	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008737	−2.249%	$310K	$707K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008732	−2.305%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008731	−2.319%	$588K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008740	−2.215%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008732	−2.305%	$131K	$523K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008728	−2.350%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008735	−2.271%	$37.1M	$156.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008742	−2.193%	$23.1M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008747	−2.137%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−2.327%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	−2.171%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008731	−2.316%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008744	−2.171%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008739	−2.226%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008743	−2.182%	$300K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	−1.667%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008783	−1.730%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008784	−1.723%	$80K	$243K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008938	long leg	$3K	$2.0M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008730	−2.327%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008745	−2.159%	$93K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008729	−2.338%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−2.383%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0159%	1h	0.008726	−2.375%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008727	−2.358%	$295	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008733	−2.294%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0651%	1h	0.008739	−2.227%	$352K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+0.324%	$95K	$94K	50x	as long as short