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 +0.083%

Price spread now: GMX against Orderly+0.012%7-day average +0.058% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.210%+$21 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.012%, 7d avg +0.058%

Together, before fees+0.230%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.046% cheaper against Orderly than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.058%). If the spread goes back, that is −$5 on $10k: about 6 hours of funding at the current rate (+$17 a day). At the pace of the last 3 days (+0.210% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008674	0.0100	pay 0.0050% / 4h	2h 34m	$21K	$184K	20x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008675	L +0.0490% / S −0.0675%	get 0.0084% / 1h	34m 42s	$109K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.012%Rate

Funding earned: $120.75
Price spread: +0.012% → +0.058%: −$4.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $98.14
Costs to cover: 0.180%
Break-even: 1.3 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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	−0.0551%	1h	0.008678	+0.045%	$385K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0372%	4h	0.008664	−0.115%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0215%	4h	0.008662	−0.138%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.473%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0109%	1h	0.008673	−0.012%	$309K	$315K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008676	+0.023%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	−0.088%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008675	+0.012%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008670	−0.046%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008668	−0.069%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008670	−0.052%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008670	−0.046%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008670	−0.043%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008669	−0.058%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008670	−0.046%	$35.8M	$151.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008669	−0.058%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	−0.046%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	−0.127%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008671	−0.035%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008655	−0.219%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.309%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008666	−0.092%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.023%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008674	long leg	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008884	+2.421%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.035%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008694	+0.231%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008669	−0.063%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	−0.046%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008673	−0.013%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	+0.012%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0490% / S −0.0675%	1h	0.008675	+0.012%	$109K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.280%	$92K	$96K	50x	as long as short