Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0575%/8h= +63.0% APRpaid last 24h +0.082%

Price spread now: GMX against Binance−0.032%50s7-day average +0.052% · you buy dearer than you sell

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.190%+$19 on $10k

Price spread, last 3 days (all we have)+0.214%+$21 · spread now −0.032%, 7d avg +0.052%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.084% cheaper against Binance than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.052%). If the spread goes back, that is −$8 on $10k: about 12 hours of funding at the current rate (+$17 a day). At the pace of the last 3 days (+0.190% in total) that is about 32 hours. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008660	0.0100	pay 0.0050% / 4h	2h 48m	$35.8M	$150.8M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008657	L +0.0489% / S −0.0675%	get 0.0084% / 1h	48m 32s	$108K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $120.75
Price spread: −0.032% → +0.052%: −$8.41
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $90.34
Costs to cover: 0.220%
Break-even: 1.8 days

Slippage unknown: Binance: live order book, 10 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 Binance live order book, 10 min ago	0.58 bp	8.6 bp −$9	18.2 bp −$182	72.2 bp −$7,215	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 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	0.008656	−0.046%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0373%	4h	0.008650	−0.113%	$22.6M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0352%	4h	0.008659	−0.009%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008655	−0.055%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0256%	1h	0.008650	−0.113%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.638%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008661	+0.014%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008658	−0.023%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008661	+0.014%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.124%	$79K	$254K	50x	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	0.008660	+0.003%	$293K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008664	+0.049%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008660	−0.002%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008662	+0.026%	$142K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008660	long leg	$35.8M	$150.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008656	−0.043%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.003%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	+0.026%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008657	−0.032%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008668	+0.095%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008661	+0.014%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.164%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008652	−0.090%	$453K	$2.4M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008659	−0.003%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008657	−0.032%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008857	+2.278%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008652	−0.089%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.165%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008658	−0.017%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−0.101%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008650	−0.108%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008658	−0.020%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0489% / S −0.0675%	1h	0.008657	−0.032%	$108K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.809%	$94K	$97K	50x	as long as short