Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0259%/8h= +28.3% APRpaid last 24h +0.123%

Price spread now: GMX against SunX−2.057%7-day average −2.653% · you buy dearer than you sell

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.266%+$27 on $10k

Price spread, last 4 days (all we have)−0.340%−$34 · spread now −2.057%, 7d avg −2.653%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and GMX is 0.595% dearer against SunX than usual: you sell high and buy low: +$60 more if the spread goes back to its 7-day average of −2.653%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009041	0.0100	pay 0.0050% / 4h	49m 40s	$3K	$2.0M	10x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008855	L +0.0429% / S −0.0359%	get 0.0045% / 1h	49m 40s	$103K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −2.057%Rate

Funding earned: $54.32
Price spread: −2.057% → −2.653%: $59.53
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $93.84
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: SunX: live order book, 11 min ago; GMX: 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, 11 min ago	248.86 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008818	−2.463%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008846	−2.157%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008857	−2.035%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.787%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008820	−2.444%	$312K	$722K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	−2.478%	$8.4M	$17.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008822	−2.421%	$110K	$833K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−2.433%	$132K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	−2.422%	$37.8M	$197.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008826	−2.378%	$23.7M	$47.9M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008814	−2.511%	$8.3M	$55.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−2.444%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008819	−2.455%	$3.6M	$18.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008824	−2.400%	$12.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008820	−2.444%	$5.3M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008823	−2.411%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008821	−2.433%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008831	−2.323%	$295K	$393K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008834	−2.288%	$875K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008867	−1.925%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008873	−1.858%	$80K	$247K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008857	−2.030%	$597K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008844	−2.179%	$23K	$357K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009041	long leg	$3K	$2.0M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008845	−2.168%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008827	−2.367%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	−2.472%	$178K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008846	−2.157%	$204K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0136%	1h	0.008830	−2.334%	$202	$141	5x	as long as short
Reya PENGURUSDPERP	+0.0242%	1h	0.008852	−2.093%	$299	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0261%	1h	0.008839	−2.235%	$336K	$2.7M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008842	−2.201%	$1.6M	$5.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0429% / S −0.0359%	1h	0.008855	−2.057%	$103K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1760%	1h	0.008982	−0.653%	$82K	$88K	50x	as long as short