Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.084%

Price spread now: MEXC against GMX−0.114%7-day average −0.055% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.206%−$21 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now −0.114%, 7d avg −0.055%

Together, before fees−0.186%−$19 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 MEXC is 0.059% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008798	L +0.0510% / S −0.0711%	pay 0.0064% / 1h	35m 41s	$115K	—	100x
Short	MEXC PENGU_USDT	0.008788	0.0100	get 0.0050% / 4h	1h 35m	$12.9M	$12.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$86.16
Price spread: −0.114% → −0.055%: −$5.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$104.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 3 min ago	0.57 bp	3.6 bp −$4	9.3 bp −$93	46.0 bp −$4,597	113.8 bp −$56.9K

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	−0.0606%	1h	0.008793	−0.057%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008782	−0.182%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008795	−0.034%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0114%	4h	0.008784	−0.159%	$22.9M	$36.2M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008800	+0.023%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008799	+0.008%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.943%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	+0.210%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008788	−0.114%	$308K	$735K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008789	−0.097%	$680K	$757K	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	0.008791	−0.080%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	−0.056%	$174K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	−0.080%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	−0.091%	$36.4M	$152.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−0.159%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008788	−0.114%	$12.9M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008790	−0.091%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008790	−0.091%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	−0.114%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008782	−0.182%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.307%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008831	+0.375%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008795	−0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009005	+2.353%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	−0.125%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008813	+0.170%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008786	−0.136%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.091%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0130%	1h	0.008792	−0.069%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	−0.068%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008805	+0.080%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0510% / S −0.0711%	1h	0.008798	long leg	$115K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.671%	$95K	$105K	50x	as long as short