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: SunX against Injective+2.788%61s7-day average +3.522% · you sell dearer than you buy

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

Long on Injective Short on SunX

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)+0.750%+$75 · spread now +2.788%, 7d avg +3.522%

Together, before fees+0.551%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.735% cheaper against Injective than usual: you would sell low and buy high (spread +2.788% now, against its 7-day average of +3.522%). If the spread goes back, that is −$73 on $10k: about 37 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.198%, so the current rate has only just turned in your favour. 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	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	48m 05s	$3K	$117K	5.5x
Short	SunX PENGU-USDT	0.009034	0.0100	get 0.0050% / 4h	2h 48m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Injective. 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 InjectivebpFee SunXbpOrdersPrice spread, now +2.788%Rate

Funding earned: $14
Price spread: +2.788% → +3.522%: −$73.48
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$67.5
Costs to cover: 0.080%
Break-even: 40.7 days

Slippage unknown: Injective: no order-book sample; SunX: 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 Injective no order-book sample	—	—	—	—	—
Sell SunX live order book, 8 min ago	253.40 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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 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
ApeX Omni PENGUUSDT	−0.0316%	1h	0.008828	+0.444%	$81K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0162%	1h	0.008828	+0.449%	$538K	$926K	5x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	+0.309%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0070%	4h	0.008843	+0.614%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008832	+0.489%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	+0.397%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
01 Exchange PENGUUSD	+0.0056%	1h	0.008840	+0.580%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008840	+0.580%	$307K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008832	+0.489%	$19K	$178K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008850	+0.694%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008827	+0.435%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008844	+0.626%	$153K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008846	+0.650%	$37.5M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008842	+0.603%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008845	+0.637%	$7.6M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.580%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008844	+0.626%	$12.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008833	+0.501%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008847	+0.660%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008840	+0.580%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008841	+0.592%	$303K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008818	+0.329%	$467K	$2.0M	10x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009034	+2.788%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008831	+0.478%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008846	+0.649%	$94K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008830	+0.469%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008834	+0.512%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0172%	1h	0.008845	+0.634%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008841	+0.586%	$365K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	+0.299%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.489%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008823	+0.387%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.025%	$95K	$104K	50x	as long as short