Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.307%

Price spread now: dYdX against SunX−2.475%7-day average — · you buy dearer than you sell

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

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. dYdX is 2.475% cheaper against SunX than usual: you would sell low and buy high (spread −2.475% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$248 on $10k: about 4 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008941	0.0100	pay 0.0050% / 4h	2h 33m	$2K	$2.1M	10x
Short	dYdX PENGU-USD	0.008720	0.0168	get 0.0021% / 1h	33m 18s	$12K	$6K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −2.475%Rate

Funding earned: $14.18
Price spread: −2.475% → 0.000%: −$247.52
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$251.35
Costs to cover: 0.180%
Break-even: 131.1 days

Slippage unknown: SunX: live order book, 3 min ago; dYdX: no order-book sample. 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, 3 min ago	247.70 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008733	−2.326%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008730	−2.365%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.700%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008737	−2.282%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008733	−2.321%	$586K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008739	−2.259%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008734	−2.318%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008728	−2.382%	$132K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008741	−2.237%	$36.9M	$176.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008724	−2.427%	$23.1M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008729	−2.371%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−2.248%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008727	−2.393%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008731	−2.349%	$10.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008727	−2.393%	$4.8M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008732	−2.338%	$8.3M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008730	−2.360%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008736	−2.293%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	−2.023%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	−1.811%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	−1.365%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008734	−2.315%	$22K	$162K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008941	long leg	$2K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008733	−2.326%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008752	−2.114%	$90K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008729	−2.372%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−2.416%	$202K	—	3x	as long as short
dYdX PENGU-USDshort	+0.0168%	1h	0.008720	−2.475%	$12K	$6K	5x
01 Exchange PENGUUSD	+0.0176%	1h	0.008742	−2.226%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008730	−2.359%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008740	−2.251%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	−2.136%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0462%	1h	0.008728	−2.382%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	−1.297%	$78K	$76K	50x	as long as short