Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0611%/8h= +66.9% APRpaid last 24h +0.088%

Price spread now: GMX against MEXC+0.045%7-day average +0.055% · you sell dearer than you buy

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.208%+$21 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.045%, 7d avg +0.055%

Together, before fees+0.255%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.055%, so right now this pair is about funding alone: +$18 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENGU_USDT	0.008794	0.0100	pay 0.0050% / 4h	1h 36m	$12.9M	$12.7M	125x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008798	L +0.0510% / S −0.0711%	get 0.0089% / 1h	36m 29s	$115K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.045%Rate

Funding earned: $128.28
Price spread: +0.045% → +0.055%: −$0.92
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $115.36
Costs to cover: 0.120%
Break-even: 0.7 days

Slippage unknown: MEXC: 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 MEXC live order book, 2 min ago	0.57 bp	2.6 bp −$3	14.6 bp −$146	52.3 bp −$5,227	107.8 bp −$53.9K
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	−0.0606%	1h	0.008804	+0.119%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008791	−0.034%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0318%	1h	0.008796	+0.023%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0114%	4h	0.008787	−0.080%	$22.9M	$36.2M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008800	+0.068%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008799	+0.053%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.898%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	+0.256%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008802	+0.091%	$301K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008789	−0.051%	$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	0.008798	+0.045%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008800	+0.064%	$174K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008794	0.000%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008793	−0.006%	$36.5M	$152.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008788	−0.068%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDTlong	+0.0100%	4h	0.008794	long leg	$12.9M	$12.7M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008794	0.000%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008797	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008791	−0.034%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008798	+0.045%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.352%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008831	+0.421%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008795	+0.011%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009007	+2.422%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008795	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008826	+0.364%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008790	−0.051%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	+0.011%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0131%	1h	0.008800	+0.066%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	−0.022%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008805	+0.125%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0510% / S −0.0711%	1h	0.008798	+0.045%	$115K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.717%	$95K	$105K	50x	as long as short