Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against SunX−2.358%7-day average −2.688% · you buy dearer than you sell

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

Long on SunX Short on Lighter

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)+0.029%+$3 · spread now −2.358%, 7d avg −2.688%

Together, before fees+0.018%+ 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: Lighter is 0.329% dearer against SunX than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of −2.688%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008862	0.0100	pay 0.0050% / 4h	2h 12m	$3K	$2.1M	10x
Short	Lighter PENGU	0.008653	0.0096	get 0.0012% / 1h	12m 09s	$296K	$723K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −2.358%Rate

Funding earned: −$0.84
Price spread: −2.358% → −2.688%: $32.92
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $24.08
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 4 min ago; Lighter: 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, 4 min ago	251.94 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	2.30 bp	8.3 bp −$8	60.5 bp −$605	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	−0.0552%	1h	0.008663	−2.251%	$384K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0443%	1h	0.008654	−2.347%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008648	−2.415%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−1.659%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0042%	1h	0.008650	−2.392%	$309K	$314K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008652	−2.370%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008656	−2.321%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0007%	1h	0.008657	−2.318%	$11K	$4K	5x	as long as short
Bybit PENGUUSDT	+0.0037%	4h	0.008644	−2.460%	$22.5M	$36.0M	75x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008653	−2.358%	$296K	$723K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008650	−2.392%	$671K	$756K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008656	−2.325%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008655	−2.333%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008652	−2.370%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008652	−2.370%	$35.8M	$151.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008651	−2.381%	$7.6M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	−2.392%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008652	−2.370%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008652	−2.370%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008657	−2.313%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008643	−2.471%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008675	−2.109%	$797K	$715K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	−2.027%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008681	−2.042%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008655	−2.336%	$23K	$186K	20x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008862	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008651	−2.381%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008675	−2.110%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008650	−2.395%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008650	−2.392%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008651	−2.383%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008663	−2.246%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008656	−2.325%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	−1.512%	$94K	$97K	50x	as long as short