Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against SunX−2.326%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 gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 2.326% cheaper against SunX than usual: you would sell low and buy high (−$233 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008853	0.0100	pay 0.0050% / 4h	2h 04m	$3K	$2.1M	10x
Short	gTrade (Gains Network) PENGU/USD	0.008647	L +0.0007% / S −0.0003%	get 0.0000% / 1h	4m 40s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −2.326%Rate

Funding earned: −$20.35
Price spread: −2.326% → 0.000%: −$232.64
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$271
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 1 min ago; gTrade (Gains Network): 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, 1 min ago	254.21 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008649	−2.304%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008646	−2.338%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008638	−2.429%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−1.559%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0089%	1h	0.008642	−2.383%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008639	−2.417%	$198	$59	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008634	−2.474%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008647	−2.326%	$33K	—	150x
dYdX PENGU-USD	+0.0014%	1h	0.008650	−2.298%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008642	−2.383%	$294K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	−2.369%	$671K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008644	−2.361%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008648	−2.316%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008639	−2.417%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008639	−2.417%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008639	−2.417%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−2.406%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008640	−2.406%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008642	−2.383%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008644	−2.361%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008628	−2.542%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008636	−2.456%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−2.143%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008656	−2.225%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	−2.349%	$23K	$186K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008853	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008639	−2.417%	$986	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008663	−2.146%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008639	−2.422%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008640	−2.406%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008643	−2.375%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008636	−2.451%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008649	−2.304%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	−1.740%	$93K	$97K	50x	as long as short