Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against SunX−2.375%7-day average −2.692% · you buy dearer than you sell

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −2.375%, 7d avg −2.692%

Together, before fees−0.128%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 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: Hyperliquid is 0.317% dearer against SunX than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of −2.692%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009052	0.0100	pay 0.0050% / 4h	54m 54s	$3K	$2.1M	10x
Short	Hyperliquid PENGU	0.008837	0.0100	get 0.0013% / 1h	54m 54s	$8.5M	$15.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −2.375%Rate

Funding earned: $0
Price spread: −2.375% → −2.692%: $31.7
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.7
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: SunX: live order book, 1 min ago; Hyperliquid: 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 SunX live order book, 1 min ago	251.48 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.57 bp	6.5 bp −$6	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
Kraken Futures PF_PENGUUSD	−0.0338%	1h	0.008847	−2.265%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008836	−2.386%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0217%	4h	0.008830	−2.452%	$22.9M	$36.5M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	−2.703%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008842	−2.320%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−2.905%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0089%	1h	0.008839	−2.353%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0004%	1h	0.008838	−2.359%	$689K	$761K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008842	−2.317%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008832	−2.431%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008837	−2.375%	$310K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008841	−2.331%	$24K	$186K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008837	−2.375%	$8.5M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008841	−2.327%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	−2.419%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008838	−2.369%	$36.7M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008835	−2.397%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	−2.342%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008838	−2.364%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008840	−2.342%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008842	−2.320%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008828	−2.475%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008836	−2.386%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008813	−2.638%	$461K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	−2.574%	$80K	$254K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.009052	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008834	−2.408%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008856	−2.165%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008837	−2.377%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008839	−2.353%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008837	−2.375%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008840	−2.342%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0711%	1h	0.008842	−2.320%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	−2.232%	$94K	$104K	50x	as long as short