Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0778%/8h= −85.2% APRpaid last 24h −0.099%

Price spread now: Gate against GMX−0.057%7-day average −0.056% · you buy dearer than you sell

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

Long on GMX Short on Gate

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 3 days (all we have)+0.019%+$2 · spread now −0.057%, 7d avg −0.056%

Together, before fees−0.208%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.227% in total (about -26.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008784	L +0.0506% / S −0.0703%	pay 0.0063% / 1h	51m 39s	$114K	—	100x
Short	Gate PENGU_USDT	0.008779	−0.0272	pay 0.0136% / 4h	1h 51m	$3.4M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.057%Rate

Funding earned: −$163.45
Price spread: −0.057% → −0.056%: −$0.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$190.52
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	3.42 bp	16.4 bp −$16	43.6 bp −$436	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
Kraken Futures PF_PENGUUSD	−0.0607%	1h	0.008790	+0.068%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDTshort	−0.0272%	4h	0.008779	−0.057%	$3.4M	$15.4M	75x
01 Exchange PENGUUSD	−0.0096%	1h	0.008774	−0.114%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008783	−0.011%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008785	+0.010%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0014%	4h	0.008763	−0.239%	$22.8M	$36.0M	75x	as long as short
dYdX PENGU-USD	+0.0029%	1h	0.008777	−0.084%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.786%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0035%	1h	0.008786	+0.020%	$680K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008772	−0.137%	$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	0.008781	−0.034%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008784	+0.005%	$174K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	−0.137%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	−0.157%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008768	−0.182%	$7.8M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008772	−0.137%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008779	−0.057%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008773	−0.125%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008773	−0.125%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008785	+0.011%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.652%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	−0.170%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	−0.080%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008786	+0.023%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008993	+2.379%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008782	−0.023%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008781	−0.034%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008777	−0.078%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.046%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008789	+0.058%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008769	−0.171%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0506% / S −0.0703%	1h	0.008784	long leg	$114K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008799	+0.171%	$93K	$100K	50x	as long as short