Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0268%/8h= +29.4% APRpaid last 24h +0.115%

Price spread now: GMX against OKX+0.033%7-day average +0.039% · you sell dearer than you buy

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.249%+$25 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.033%, 7d avg +0.039%

Together, before fees+0.267%+$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.009002	0.0100	pay 0.0050% / 4h	1h 37m	$8.0M	$54.2M	50x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.009005	L +0.0442% / S −0.0368%	get 0.0046% / 1h	37m 24s	$106K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.033%Rate

Funding earned: $56.35
Price spread: +0.033% → +0.039%: −$0.59
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $33.76
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	0.55 bp	9.9 bp −$10	30.9 bp −$309	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009007	+0.056%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009020	+0.204%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.366%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009025	+0.255%	$324K	$767K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009013	+0.128%	$633K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009011	+0.102%	$129K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009020	+0.200%	$136K	$295K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009008	+0.070%	$39.5M	$188.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008999	−0.033%	$23.8M	$44.0M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.009002	long leg	$8.0M	$54.2M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009010	+0.089%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009004	+0.022%	$3.4M	$17.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009009	+0.078%	$11.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009009	+0.078%	$5.1M	$10.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009009	+0.078%	$8.6M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009003	+0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009017	+0.167%	$310K	$362K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009060	+0.643%	$926K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009057	+0.611%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009074	+0.800%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009005	+0.033%	$23K	$214K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009222	+2.444%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009006	+0.044%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009048	+0.511%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009002	+0.003%	$187K	$698K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009002	0.000%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009008	+0.069%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009070	+0.755%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009020	+0.200%	$206	$64	5x	as long as short
Hyperliquid PENGU	+0.0402%	1h	0.009015	+0.144%	$9.1M	$16.2M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0442% / S −0.0368%	1h	0.009005	+0.033%	$106K	—	100x
Kraken Futures PF_PENGUUSD	+0.0677%	1h	0.009013	+0.125%	$331K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0778%	1h	0.009012	+0.108%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+1.655%	$81K	$69K	50x	as long as short