Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0331%/8h= −36.3% APRpaid last 24h −0.101%

Price spread now: Binance against GMX+0.216%7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.241%−$24 on $10k

Price spread, last 4 days (all we have)−0.290%−$29 · spread now +0.216%, 7d avg −0.038%

Together, before fees−0.531%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.254% dearer against GMX than usual: you sell high and buy low (spread +0.216% now, against its 7-day average of −0.038%): +$25 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008994	L +0.0431% / S −0.0352%	pay 0.0054% / 1h	52m 47s	$103K	—	100x
Short	Binance PENGUUSDT	0.009013	0.0100	get 0.0050% / 4h	52m 47s	$39.2M	$190.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.216%Rate

Funding earned: −$69.52
Price spread: +0.216% → −0.038%: $25.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$66.13
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Binance: live order book, 6 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 Binance live order book, 6 min ago	0.55 bp	8.9 bp −$9	15.5 bp −$155	60.6 bp −$6,059	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	0.0000%	1h	0.009003	+0.100%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	+0.043%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.279%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	−0.056%	$79K	$252K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009010	+0.178%	$323K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009009	+0.172%	$635K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009013	+0.211%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009014	+0.225%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009011	+0.189%	$136K	$264K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.009013	+0.216%	$39.2M	$190.8M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009004	+0.111%	$24.1M	$44.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009005	+0.122%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009020	+0.289%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009004	+0.111%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009009	+0.167%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009011	+0.189%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009018	+0.267%	$8.7M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009009	+0.167%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009002	+0.089%	$292K	$369K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008962	−0.358%	$913K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.337%	$473K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008999	+0.056%	$23K	$256K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.491%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	+0.078%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009013	+0.211%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009008	+0.157%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	+0.033%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009001	+0.079%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009024	+0.334%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	+0.156%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009012	+0.195%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0431% / S −0.0352%	1h	0.008994	long leg	$103K	—	100x
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	+0.133%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.568%	$80K	$70K	50x	as long as short