Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0423%/8h= −46.3% APRpaid last 24h −0.087%

Price spread now: HTX against GMX+0.045%7-day average +0.234% · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.204%−$20 on $10k

Price spread, last 3 days (all we have)+0.143%+$14 · spread now +0.045%, 7d avg +0.234%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and HTX is 0.189% cheaper against GMX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.234%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008957	L +0.0523% / S −0.0723%	pay 0.0065% / 1h	8m 43s	$118K	—	100x
Short	HTX PENGU-USDT	0.008961	0.0100	get 0.0050% / 4h	3h 08m	$92K	$301K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$88.84
Price spread: +0.045% → +0.234%: −$18.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$131.74
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 63 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 HTX live order book, 63 min ago	9.74 bp	155.5 bp −$155	doesn't fit	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	−0.0386%	1h	0.008961	+0.047%	$373K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0208%	4h	0.008948	−0.100%	$3.5M	$15.9M	75x	as long as short
01 Exchange PENGUUSD	−0.0184%	1h	0.008956	−0.011%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0122%	4h	0.008913	−0.491%	$920K	$976K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008953	−0.045%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008957	0.000%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.876%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008949	−0.089%	$310K	$731K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008952	−0.056%	$24K	$172K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008955	−0.022%	$710K	$765K	5x	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	0.008952	−0.056%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008953	−0.040%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008943	−0.156%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008944	−0.145%	$37.9M	$156.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008934	−0.257%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008928	−0.324%	$7.7M	$48.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.190%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008941	−0.179%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008948	−0.100%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008941	−0.179%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008938	−0.212%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008950	−0.078%	$308K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008937	−0.223%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008919	−0.424%	$81K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009169	+2.367%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008950	−0.078%	$1K	$5K	5x	as long as short
HTX PENGU-USDTshort	+0.0100%	4h	0.008961	+0.045%	$92K	$301K	25x
dYdX PENGU-USD	+0.0101%	1h	0.008952	−0.058%	$12K	$4K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008947	−0.112%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008945	−0.134%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008954	−0.036%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008944	−0.145%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0523% / S −0.0723%	1h	0.008957	long leg	$118K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.569%	$96K	$104K	50x	as long as short