Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0703%/8h= +77.0% APRpaid last 24h +0.088%

Price spread now: GMX against Bybit+0.148%51s7-day average +0.091% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.217%+$22 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.148%, 7d avg +0.091%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and GMX is 0.057% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.091%. 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 0.217% in total (about 25.7% 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	Bybit PENGUUSDT	0.008759	0	get 0.0000% / 4h	1h 53m	$22.8M	$36.0M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008772	L +0.0506% / S −0.0703%	get 0.0088% / 1h	53m 28s	$113K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.148%Rate

Funding earned: $147.65
Price spread: +0.148% → +0.091%: $5.7
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $130.34
Costs to cover: 0.230%
Break-even: 0.8 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.58 bp	10.5 bp −$10	25.9 bp −$259	120.0 bp −$12.0K	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	−0.0608%	1h	0.008766	+0.076%	$387K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0548%	1h	0.008769	+0.114%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008759	0.000%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008768	+0.103%	$201	$59	5x	as long as short
Bybit PENGUUSDTlong	0.0000%	4h	0.008759	long leg	$22.8M	$36.0M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	+0.155%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0019%	1h	0.008757	−0.017%	$678K	$758K	5x	as long as short
dYdX PENGU-USD	+0.0031%	1h	0.008768	+0.103%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.502%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008762	+0.034%	$299K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008769	+0.114%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008770	+0.122%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008762	+0.034%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008764	+0.057%	$36.2M	$151.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008763	+0.046%	$7.7M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008759	0.000%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008763	+0.046%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008768	+0.103%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008753	−0.069%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008763	+0.046%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.368%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	+0.115%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.206%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008772	+0.148%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008980	+2.523%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008762	+0.034%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.354%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008752	−0.084%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	+0.011%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	+0.046%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008767	+0.091%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0506% / S −0.0703%	1h	0.008772	+0.148%	$113K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.491%	$92K	$99K	50x	as long as short