Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0575%/8h= +63.0% APRpaid last 24h +0.102%

Price spread now: GMX against GRVT+0.233%7-day average +0.056% · you sell dearer than you buy

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

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.219%+$22 on $10k

Price spread, last 3 days (all we have)−0.099%−$10 · spread now +0.233%, 7d avg +0.056%

Together, before fees+0.120%+ Points / potential airdropGRVT: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and GMX is 0.177% dearer against GRVT than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008654	0.0100	pay 0.0050% / 4h	2h 46m	$453K	$2.4M	10x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008674	L +0.0490% / S −0.0675%	get 0.0084% / 1h	46m 39s	$109K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against GRVT. 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 GRVTbpFee GMXbpOrdersPrice spread, now +0.233%Rate

Funding earned: $120.75
Price spread: +0.233% → +0.056%: $17.67
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $117.42
Costs to cover: 0.210%
Break-even: 0.2 days

Slippage unknown: GRVT: live order book, 2 min ago; GMX: 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 GRVT live order book, 2 min ago	1.73 bp	16.5 bp −$17	28.8 bp −$288	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0552%	1h	0.008667	+0.149%	$384K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0345%	4h	0.008658	+0.048%	$22.6M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0344%	4h	0.008662	+0.094%	$3.4M	$15.3M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0244%	1h	0.008665	+0.129%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.707%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	+0.233%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	+0.164%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	+0.229%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008673	+0.222%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.056%	$79K	$254K	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008665	+0.129%	$294K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008674	+0.233%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008672	+0.207%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	+0.141%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008667	+0.153%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	+0.071%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.187%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008666	+0.141%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008666	+0.141%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008670	+0.187%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008665	+0.129%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.096%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008654	long leg	$453K	$2.4M	10x
Nado PENGU-PERP	+0.0100%	1h	0.008664	+0.118%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	+0.222%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.602%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	+0.141%	$977	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008683	+0.337%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008664	+0.115%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	+0.187%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008669	+0.180%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	+0.071%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0490% / S −0.0675%	1h	0.008674	+0.233%	$109K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.879%	$94K	$97K	50x	as long as short