Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h −0.082%

Price spread now: BingX against GMX−0.035%7-day average −0.054% · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.194%−$19 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now −0.035%, 7d avg −0.054%

Together, before fees−0.273%−$27 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: −$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]	0.008668	L +0.0489% / S −0.0675%	pay 0.0061% / 1h	50m 15s	$108K	—	100x
Short	BingX PENGU-USDT	0.008665	0.0100	get 0.0050% / 4h	2h 50m	—	$4.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$81.78
Price spread: −0.035% → −0.054%: $1.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.88
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 15 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 BingX live order book, 15 min ago	0.57 bp	8.2 bp −$8	15.0 bp −$150	47.5 bp −$4,753	272.4 bp −$136.2K

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	−0.0552%	1h	0.008668	−0.001%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0405%	4h	0.008660	−0.092%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0362%	4h	0.008659	−0.104%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008669	+0.012%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0280%	1h	0.008650	−0.208%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.542%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.012%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008670	+0.024%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008669	+0.012%	$198	$59	5x	as long as short
Nado PENGU-PERP	+0.0078%	1h	0.008665	−0.035%	$672K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008667	−0.012%	$294K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008677	+0.104%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	+0.013%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	−0.035%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008667	−0.015%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008664	−0.046%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008667	−0.012%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008664	−0.046%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008669	+0.012%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008665	−0.035%	—	$4.0M	—
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.259%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.157%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008657	−0.127%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008668	0.000%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008873	+2.365%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008665	−0.035%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008678	+0.115%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	−0.054%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	−0.035%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008665	−0.030%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008647	−0.242%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0489% / S −0.0675%	1h	0.008668	long leg	$108K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.711%	$94K	$97K	50x	as long as short