Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0496%/8h= −54.3% APRpaid last 24h −0.084%

Price spread now: Bybit against GMX−0.205%7-day average −0.095% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.224%−$22 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.205%, 7d avg −0.095%

Together, before fees−0.095%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.110% cheaper against GMX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008774	L +0.0506% / S −0.0703%	pay 0.0063% / 1h	51m 02s	$113K	—	100x
Short	Bybit PENGUUSDT	0.008756	0.0010	get 0.0005% / 4h	1h 51m	$22.7M	$36.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.205%Rate

Funding earned: −$104.13
Price spread: −0.205% → −0.095%: −$10.99
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$138.13
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.57 bp	11.2 bp −$11	26.6 bp −$266	124.3 bp −$12.4K	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
Kraken Futures PF_PENGUUSD	−0.0608%	1h	0.008776	+0.021%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0274%	4h	0.008761	−0.148%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008774	0.000%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008769	−0.057%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	−0.007%	$33K	—	150x	as long as short
Bybit PENGUUSDTshort	+0.0010%	4h	0.008756	−0.205%	$22.7M	$36.0M	75x
dYdX PENGU-USD	+0.0029%	1h	0.008777	+0.030%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.672%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0047%	1h	0.008769	−0.051%	$679K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008766	−0.091%	$300K	$726K	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	0.008770	−0.046%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008772	−0.018%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	−0.023%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008763	−0.125%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008762	−0.137%	$7.7M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008771	−0.034%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008766	−0.091%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008769	−0.057%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008762	−0.137%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	−0.103%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.538%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	−0.056%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008763	−0.125%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.011%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008984	+2.393%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008764	−0.114%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008793	+0.217%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008764	−0.118%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.103%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008767	−0.079%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	−0.011%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0506% / S −0.0703%	1h	0.008774	long leg	$113K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008785	+0.125%	$93K	$101K	50x	as long as short