Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0333%/8h= −36.5% APRpaid last 24h −0.102%

Price spread now: Orderly against GMX+0.011%7-day average −0.049% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.262%−$26 on $10k

Price spread, last 4 days (all we have)−0.045%−$4 · spread now +0.011%, 7d avg −0.049%

Together, before fees−0.307%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.060% dearer against GMX than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.049%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.009109	L +0.0433% / S −0.0352%	pay 0.0054% / 1h	46m 52s	$104K	—	100x
Short	Orderly PERP_PENGU_USDC	0.009110	0.0100	get 0.0050% / 4h	46m 52s	$24K	$264K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.011%Rate

Funding earned: −$69.99
Price spread: +0.011% → −0.049%: $5.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$82.02
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009105	−0.044%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009110	+0.011%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.513%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009110	+0.011%	$326K	$769K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009106	−0.033%	$9.2M	$16.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009104	−0.053%	$144K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009118	+0.099%	$138K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009105	−0.048%	$39.8M	$191.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009099	−0.110%	$24.4M	$44.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009101	−0.088%	$7.9M	$55.6M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009120	+0.121%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009096	−0.143%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009100	−0.099%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009102	−0.077%	$5.0M	$10.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009115	+0.066%	$8.8M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009103	−0.066%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009096	−0.143%	$296K	$371K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009001	−1.188%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009011	−1.076%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009065	−0.483%	$79K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009119	+0.115%	$643K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009110	+0.011%	$24K	$264K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009323	+2.349%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009103	−0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009118	+0.099%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009097	−0.132%	$188K	$555K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009099	−0.110%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009117	+0.092%	$308	—	10x	as long as short
01 Exchange PENGUUSD	+0.0296%	1h	0.009130	+0.231%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009104	−0.055%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0356%	1h	0.009118	+0.094%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0433% / S −0.0352%	1h	0.009109	long leg	$104K	—	100x
Kraken Futures PF_PENGUUSD	+0.0536%	1h	0.009107	−0.022%	$343K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.955%	$81K	$74K	50x	as long as short