Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0159%/8h= −17.5% APRpaid last 24h −0.022%

Price spread now: BloFin against GMX+0.091%7-day average −0.039% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now +0.091%, 7d avg −0.039%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.129% dearer against GMX than usual: you sell high and buy low (spread +0.091% now, against its 7-day average of −0.039%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008827	L +0.0499% / S −0.0415%	pay 0.0062% / 1h	8m 27s	$126K	—	100x
Short	BloFin PENGU-USDT	0.008835	0.0340	get 0.0170% / 4h	3h 08m	$1.5M	$4.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$33.49
Price spread: +0.091% → −0.039%: $12.93
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$44.56
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.56 bp	6.6 bp −$7	8.0 bp −$80	40.6 bp −$4,061	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	0.008831	+0.045%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008830	+0.030%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0012%	4h	0.008824	−0.034%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.430%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0059%	1h	0.008834	+0.084%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008835	+0.091%	$321K	$753K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008814	−0.147%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	−0.057%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008829	+0.020%	$120K	$661K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008831	+0.045%	$135K	$273K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008815	−0.138%	$37.4M	$173.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008806	−0.238%	$23.4M	$41.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008809	−0.204%	$7.6M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.034%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008826	−0.011%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008829	+0.023%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008819	−0.091%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008816	−0.125%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008827	0.000%	$295K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008857	+0.338%	$925K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	+0.872%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	+0.872%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008829	+0.023%	$23K	$124K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009041	+2.424%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008830	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.397%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.054%	$182K	$869K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008828	+0.011%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	−0.023%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008818	−0.104%	$298	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008835	+0.091%	$1.5M	$4.1M	75x
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0499% / S −0.0415%	1h	0.008827	long leg	$126K	—	100x
Kraken Futures PF_PENGUUSD	+0.0619%	1h	0.008835	+0.088%	$323K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+1.439%	$94K	$59K	50x	as long as short