Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0414%/8h= −45.3% APRpaid last 24h −0.105%

Price spread now: GRVT against GMX−0.096%7-day average −0.060% · you buy dearer than you sell

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.232%−$23 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now −0.096%, 7d avg −0.060%

Together, before fees−0.223%+ Points / potential airdropGRVT: Active · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and GRVT is 0.036% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008741	L +0.0496% / S −0.0683%	pay 0.0062% / 1h	7m 29s	$110K	—	100x
Short	GRVT PENGU_USDT_Perp	0.008733	0.0082	get 0.0041% / 4h	7m 29s	$457K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$86.85
Price spread: −0.096% → −0.060%: −$3.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$111.45
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: 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 GRVT live order book, 6 min ago	1.72 bp	10.6 bp −$11	21.4 bp −$214	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	−0.0342%	1h	0.008753	+0.137%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0325%	4h	0.008731	−0.114%	$22.8M	$36.9M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.546%	$859K	$927K	—	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008734	−0.080%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0272%	1h	0.008734	−0.080%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0174%	1h	0.008746	+0.057%	$307K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.549%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0022%	1h	0.008730	−0.126%	$693K	$777K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008747	+0.069%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008741	+0.005%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0017%	1h	0.008746	+0.056%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perpshort	+0.0082%	4h	0.008733	−0.096%	$457K	$2.1M	10x
Lighter PENGU	+0.0096%	1h	0.008743	+0.023%	$306K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	−0.034%	$7.5M	$47.0M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	0.000%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008732	−0.103%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008737	−0.041%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008743	+0.023%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008738	−0.034%	$36.2M	$155.1M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008735	−0.069%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008734	−0.080%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008735	−0.069%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008733	−0.092%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008732	−0.103%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008948	+2.368%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008748	+0.080%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008730	−0.122%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008741	0.000%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008732	−0.098%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008735	−0.069%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0496% / S −0.0683%	1h	0.008741	long leg	$110K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.309%	$93K	$103K	50x	as long as short