Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h +0.109%

Price spread now: GMX against KuCoin−0.011%7-day average +0.021% · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.236%+$24 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.011%, 7d avg +0.021%

Together, before fees+0.337%+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.032% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.021%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008744	0.0100	pay 0.0050% / 4h	1h 36m	$4.8M	$9.1M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008743	L +0.0510% / S −0.0582%	get 0.0073% / 1h	36m 08s	$119K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $101.21
Price spread: −0.011% → +0.021%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $74.01
Costs to cover: 0.240%
Break-even: 1.9 days

Slippage unknown: KuCoin: 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 KuCoin live order book, 2 min ago	1.15 bp	14.4 bp −$14	56.5 bp −$565	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008733	−0.126%	$200	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008743	−0.011%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0004%	4h	0.008741	−0.034%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008744	0.000%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.515%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008749	+0.057%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008740	−0.046%	$22K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008730	−0.154%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008743	−0.011%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008744	−0.003%	$121K	$577K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008730	−0.160%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008739	−0.053%	$36.5M	$160.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008736	−0.091%	$23.3M	$38.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	−0.069%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.160%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008742	−0.023%	$11.5M	$12.4M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008744	long leg	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008746	+0.023%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008727	−0.194%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008741	−0.034%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	−0.071%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008709	−0.405%	$465K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008700	−0.503%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008950	+2.356%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008744	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008749	+0.057%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008742	−0.028%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	−0.103%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0188%	1h	0.008726	−0.204%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008730	−0.158%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008719	−0.286%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0510% / S −0.0582%	1h	0.008743	−0.011%	$119K	—	100x
Kraken Futures PF_PENGUUSD	+0.0650%	1h	0.008748	+0.049%	$354K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.550%	$95K	$94K	50x	as long as short