Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.091%

Price spread now: Aster against GMX−0.028%7-day average −0.010% · you buy dearer than you sell

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.028%, 7d avg −0.010%

Together, before fees−0.130%+ Points / potential airdropAster: Stage 5 · farm board−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008723	L +0.0510% / S −0.0582%	pay 0.0064% / 1h	44m 29s	$119K	—	100x
Short	Aster PENGUUSDT	0.008721	0.0100	get 0.0050% / 4h	1h 44m	$131K	$574K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee AsterbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$86.1
Price spread: −0.028% → −0.010%: −$1.81
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$107.91
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 18 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 18 min ago	3.97 bp	12.1 bp −$12	79.2 bp −$792	doesn't fit	doesn't fit

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	−0.0094%	1h	0.008713	−0.115%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008713	−0.115%	$199	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008723	−0.001%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0018%	4h	0.008719	−0.046%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.757%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008718	−0.057%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008725	+0.023%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	−0.063%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008726	+0.034%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008721	−0.028%	$131K	$574K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008715	−0.092%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008721	−0.023%	$36.6M	$159.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008720	−0.034%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008725	+0.023%	$7.5M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008724	+0.011%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008718	−0.057%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008726	+0.034%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008720	−0.034%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008718	−0.057%	$299K	$276K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−0.252%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.398%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008708	−0.172%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008921	+2.270%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008712	−0.126%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.126%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008718	−0.061%	$182K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008710	−0.149%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0220%	1h	0.008713	−0.110%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008721	−0.021%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.149%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0510% / S −0.0582%	1h	0.008723	long leg	$119K	—	100x
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008721	−0.018%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.797%	$95K	$94K	50x	as long as short