Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0963%/8h= +105.5% APRpaid last 24h +0.097%

Price spread now: GMX against Gate+0.069%7-day average +0.054% · you sell dearer than you buy

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

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.220%+$22 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.069%, 7d avg +0.054%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.220% in total (about 26.1% 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	Gate PENGU_USDT	0.008675	−0.0260	get 0.0130% / 4h	2h 15m	$3.4M	$15.4M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008681	L +0.0502% / S −0.0703%	get 0.0088% / 1h	15m 37s	$112K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. 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 GatebpFee GMXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $202.25
Price spread: +0.069% → +0.054%: $1.52
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: $176.77
Costs to cover: 0.270%
Break-even: 0.9 days

Slippage unknown: Gate: 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 Gate live order book, 3 min ago	1.73 bp	18.1 bp −$18	45.1 bp −$451	doesn't fit	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	−0.0551%	1h	0.008681	+0.075%	$385K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008678	+0.035%	$19K	$9K	10x	as long as short
Gate PENGU_USDTlong	−0.0260%	4h	0.008675	long leg	$3.4M	$15.4M	75x
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.461%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0005%	1h	0.008675	0.000%	$309K	$314K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008685	+0.113%	$11K	$4K	5x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008678	+0.035%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008682	+0.078%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0044%	4h	0.008675	0.000%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008684	+0.104%	$297K	$723K	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	0.008687	+0.138%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	+0.069%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	+0.104%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008679	+0.046%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008676	+0.012%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	+0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008681	+0.069%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008684	+0.104%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008685	+0.115%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008676	+0.012%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	+0.392%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008696	+0.243%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.496%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008680	+0.063%	$674K	$756K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008679	+0.046%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008887	+2.444%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	+0.012%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	+0.323%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008676	+0.016%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	0.000%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008675	−0.003%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008685	+0.115%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0502% / S −0.0703%	1h	0.008681	+0.069%	$112K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.611%	$94K	$97K	50x	as long as short