Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0399%/8h= −43.6% APRpaid last 24h −0.094%

Price spread now: SunX against GMX+2.449%7-day average +2.664% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.234%−$23 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +2.449%, 7d avg +2.664%

Together, before fees−0.286%−$29 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 SunX is 0.215% cheaper against GMX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +2.664%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008821	L +0.0499% / S −0.0415%	pay 0.0062% / 1h	8m 24s	$126K	—	100x
Short	SunX PENGU-USDT	0.009037	0.0100	get 0.0050% / 4h	3h 08m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.449%Rate

Funding earned: −$83.71
Price spread: +2.449% → +2.664%: −$21.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$125.2
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 8 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 SunX live order book, 8 min ago	249.99 bp	doesn't fit	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008827	+0.068%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	+0.021%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0012%	4h	0.008818	−0.034%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.363%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0059%	1h	0.008834	+0.152%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008835	+0.159%	$321K	$753K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008814	−0.079%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.011%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008824	+0.037%	$119K	$661K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008831	+0.113%	$135K	$273K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008824	+0.037%	$37.4M	$173.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008821	0.000%	$23.4M	$41.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	+0.011%	$7.6M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.102%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008820	−0.011%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008819	−0.023%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008827	+0.068%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008819	−0.023%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008827	+0.068%	$295K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008857	+0.407%	$925K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	+0.941%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	+0.941%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008826	+0.057%	$23K	$125K	20x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009037	+2.449%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008836	+0.170%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.009%	$182K	$869K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008828	+0.079%	$202	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008819	−0.023%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008818	−0.036%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008835	+0.159%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0499% / S −0.0415%	1h	0.008821	long leg	$126K	—	100x
Kraken Futures PF_PENGUUSD	+0.0620%	1h	0.008831	+0.113%	$323K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+1.508%	$94K	$59K	50x	as long as short