Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.003%

Price spread now: Nado against SunX−2.239%7-day average −2.736% · 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)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)−0.244%−$24 · spread now −2.239%, 7d avg −2.736%

Together, before fees−0.316%+ Points / potential airdropNado: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.497% dearer against SunX than usual: you sell high and buy low (spread −2.239% now, against its 7-day average of −2.736%): +$50 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 4 months. At the pace of the last 3 days (−0.072% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009022	0.0100	pay 0.0050% / 4h	3h 29m	$3K	$2.1M	10x
Short	Nado PENGU-PERP	0.008820	0.0084	get 0.0011% / 1h	29m 42s	$699K	$768K	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 −2.239%Rate

Funding earned: −$3.31
Price spread: −2.239% → −2.736%: $49.68
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $31.38
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: SunX: live order book, 6 min ago; Nado: live order book, 43 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, 6 min ago	256.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 43 min ago	1.72 bp	8.8 bp −$9	26.5 bp −$265	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	−0.0392%	1h	0.008827	−2.158%	$368K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008816	−2.283%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0234%	4h	0.008820	−2.239%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008827	−2.161%	$202	$59	5x	as long as short
Variational Omni PENGU	−0.0221%	4h	0.008831	−2.116%	$871K	$933K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008819	−2.250%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.583%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0076%	1h	0.008820	−2.243%	$12K	$4K	5x	as long as short
Nado PENGU-PERPshort	+0.0084%	1h	0.008820	−2.239%	$699K	$768K	5x
Lighter PENGU	+0.0096%	1h	0.008820	−2.239%	$308K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008817	−2.272%	$23K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	−2.272%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008821	−2.222%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−2.228%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008818	−2.261%	$36.8M	$154.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008815	−2.294%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008823	−2.206%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−2.239%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	−2.250%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008821	−2.228%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008824	−2.195%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008815	−2.294%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008820	−2.239%	$306K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	−2.063%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008810	−2.350%	$80K	$254K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009022	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008817	−2.272%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008837	−2.051%	$91K	$296K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	−2.210%	$182K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008806	−2.394%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008811	−2.341%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008833	−2.095%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0723%	1h	0.008819	−2.250%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	−1.762%	$94K	$103K	50x	as long as short