Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against SunX−2.294%7-day average −2.717% · you buy dearer than you sell

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

Long on SunX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now −2.294%, 7d avg −2.717%

Together, before fees−0.154%−$15 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: Orderly is 0.423% dearer against SunX than usual: you sell high and buy low, +$42 on $10k if it goes back to its 7-day average of −2.717%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.009285	0.0100	pay 0.0050% / 4h	3h 50m	$3K	$2.1M	10x
Short	Orderly PERP_PENGU_USDC	0.009072	0.0100	get 0.0050% / 4h	3h 50m	$24K	$84K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −2.294%Rate

Funding earned: $0
Price spread: −2.294% → −2.717%: $42.31
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $28.31
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: SunX: live order book, 5 min ago; Orderly: 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, 5 min ago	255.24 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.009072	−2.294%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009069	−2.326%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−5.342%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0036%	1h	0.009045	−2.582%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.009062	−2.402%	$207	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009053	−2.499%	$335K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009063	−2.391%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009061	−2.416%	$130K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009044	−2.596%	$159K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009047	−2.565%	$38.9M	$169.0M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009037	−2.671%	$24.0M	$40.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009036	−2.682%	$7.8M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	−2.639%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009040	−2.639%	$3.4M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009044	−2.596%	$11.1M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009043	−2.606%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009040	−2.639%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009039	−2.649%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009059	−2.434%	$303K	$329K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009060	−2.424%	$945K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009065	−2.369%	$476K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009058	−2.439%	$609K	$1.0M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009072	−2.294%	$24K	$84K	20x
SunX PENGU-USDTlong	+0.0100%	4h	0.009285	long leg	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.009061	−2.412%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009082	−2.186%	$94K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009031	−2.733%	$187K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009074	−2.272%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009069	−2.330%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009071	−2.305%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0477%	1h	0.009066	−2.359%	$128K	—	100x	as long as short
ApeX Omni PENGUUSDT	+0.0577%	1h	0.009083	−2.176%	$92K	$247K	50x	as long as short
Kraken Futures PF_PENGUUSD	+0.0603%	1h	0.009068	−2.336%	$353K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008976	−3.328%	$96K	$61K	50x	as long as short