Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0620%/8h= +67.9% APRpaid last 24h +0.100%

Price spread now: GMX against BingX0.000%7-day average +0.099% · you sell dearer than you buy

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.220%+$22 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now 0.000%, 7d avg +0.099%

Together, before fees+0.329%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.099% cheaper against BingX than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.099%). If the spread goes back, that is −$10 on $10k: about 13 hours of funding at the current rate (+$19 a day). At the pace of the last 3 days (+0.220% in total) that is about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008827	0.0100	pay 0.0050% / 4h	3h 35m	—	$2.3M	—
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008827	L +0.0516% / S −0.0720%	get 0.0090% / 1h	35m 00s	$116K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $130.16
Price spread: 0.000% → +0.099%: −$9.89
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $98.27
Costs to cover: 0.220%
Break-even: 1.7 days

Slippage unknown: BingX: live order book, 8 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 BingX live order book, 8 min ago	2.84 bp	23.0 bp −$23	63.1 bp −$631	395.2 bp −$39.5K	884.9 bp −$442.5K
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	−0.0392%	1h	0.008831	+0.046%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008824	−0.034%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.149%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008825	−0.023%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008829	+0.021%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.430%	$3K	$117K	5.5x	as long as short
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.370%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0075%	1h	0.008818	−0.096%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008848	+0.236%	$12K	$4K	5x	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	0.008832	+0.057%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	0.000%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008827	0.000%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.036%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008841	+0.159%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008825	−0.023%	$36.9M	$155.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008823	−0.045%	$23.2M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008824	−0.034%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	+0.011%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008831	+0.045%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008827	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008824	−0.034%	$307K	$317K	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	0.000%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009033	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008821	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.397%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	−0.043%	$182K	$922K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.136%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.110%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008829	+0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0516% / S −0.0720%	1h	0.008827	0.000%	$116K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.408%	$94K	$103K	50x	as long as short