Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: SunX against Lighter+2.415%7-day average +2.671% · you sell dearer than you buy

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

Long on Lighter Short on SunX

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)−0.031%−$3 · spread now +2.415%, 7d avg +2.671%

Together, before fees−0.019%+ Points / potential airdropLighter: Season 3 · farm board−$2 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: SunX is 0.256% cheaper against Lighter than usual: you would sell low and buy high, −$26 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	Lighter PENGU	0.008780	0.0096	pay 0.0012% / 1h	42m 06s	$310K	$706K	8x
Short	SunX PENGU-USDT	0.008992	0.0100	get 0.0050% / 4h	2h 42m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Lighter. 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 LighterbpFee SunXbpOrdersPrice spread, now +2.415%Rate

Funding earned: $0.84
Price spread: +2.415% → +2.671%: −$25.64
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$32.8
Costs to cover: 0.080%
Break-even: 280.4 days

Slippage unknown: Lighter: live order book, 23 min ago; SunX: live order book, 4 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 Lighter live order book, 23 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	252.74 bp	doesn't fit	doesn't fit	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
Nado PENGU-PERP	−0.0056%	1h	0.008776	−0.046%	$560K	$960K	5x	as long as short
Variational Omni PENGU	−0.0050%	4h	0.008788	+0.093%	$876K	$1.0M	—	as long as short
ApeX Omni PENGUUSDT	−0.0034%	1h	0.008823	+0.490%	$80K	$248K	50x	as long as short
Gate PENGU_USDT	−0.0014%	4h	0.008780	0.000%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008780	0.000%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008779	−0.013%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.103%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008780	0.000%	$201	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008780	long leg	$310K	$706K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008777	−0.034%	$19K	$170K	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	0.008789	+0.103%	$8.2M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008774	−0.071%	$168K	$444K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008765	−0.171%	$151K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	+0.103%	$37.3M	$157.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008781	+0.011%	$22.9M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008783	+0.034%	$7.5M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	0.000%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008783	+0.034%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008775	−0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	+0.057%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008782	+0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008781	+0.011%	$301K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008776	−0.044%	$469K	$2.1M	10x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.008992	+2.415%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008773	−0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008771	−0.103%	$88K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.027%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.103%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0186%	1h	0.008759	−0.244%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.008780	+0.003%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008780	+0.004%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.592%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008776	−0.046%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.130%	$95K	$104K	50x	as long as short