Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.037%

Price spread now: GMX against BloFin+0.103%51s7-day average +0.027% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now +0.103%, 7d avg +0.027%

Together, before fees−0.222%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.077% dearer against BloFin than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.027%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.008% in total (about 0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008710	0.0340	pay 0.0170% / 4h	1h 40m	$1.5M	$3.3M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008719	L +0.0510% / S −0.0582%	get 0.0073% / 1h	40m 12s	$119K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.103%Rate

Funding earned: $50.81
Price spread: +0.103% → +0.027%: $7.66
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $34.47
Costs to cover: 0.240%
Break-even: 2.3 days

Slippage unknown: BloFin: live order book, 3 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 BloFin live order book, 3 min ago	0.57 bp	7.7 bp −$8	10.0 bp −$100	40.3 bp −$4,035	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
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008720	+0.115%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0024%	1h	0.008725	+0.172%	$200	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008720	+0.110%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008715	+0.057%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.907%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008722	+0.138%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008724	+0.161%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008718	+0.092%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008719	+0.103%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008722	+0.138%	$131K	$577K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008721	+0.126%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008718	+0.088%	$36.4M	$159.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008714	+0.046%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008717	+0.080%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.115%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008717	+0.080%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008716	+0.069%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008721	+0.126%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008710	0.000%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008717	+0.080%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	+0.021%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.499%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.551%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008921	+2.423%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008717	+0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008737	+0.310%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008715	+0.052%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008710	0.000%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008715	+0.060%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008717	+0.076%	$294	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008710	long leg	$1.5M	$3.3M	75x
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0510% / S −0.0582%	1h	0.008719	+0.103%	$119K	—	100x
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008724	+0.166%	$356K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.951%	$95K	$94K	50x	as long as short