Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0383%/8h= +41.9% APRpaid last 24h +0.028%

Price spread now: GMX against BloFin+0.204%7-day average +0.028% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.194%−$19 · spread now +0.204%, 7d avg +0.028%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and GMX is 0.176% dearer against BloFin than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.028%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.008% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008841	0.0340	pay 0.0170% / 4h	3h 03m	$1.5M	$3.0M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008859	L +0.0520% / S −0.0723%	get 0.0090% / 1h	3m 10s	$117K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.204%Rate

Funding earned: $80.42
Price spread: +0.204% → +0.028%: $17.59
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $74.01
Costs to cover: 0.240%
Break-even: 0.6 days

Slippage unknown: BloFin: live order book, 5 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 BloFin live order book, 5 min ago	1.68 bp	8.9 bp −$9	14.4 bp −$144	46.8 bp −$4,675	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
Kraken Futures PF_PENGUUSD	−0.0390%	1h	0.008864	+0.258%	$369K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008866	+0.283%	$203	$59	5x	as long as short
Gate PENGU_USDT	−0.0140%	4h	0.008852	+0.124%	$3.4M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	+0.779%	$920K	$975K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0088%	1h	0.008863	+0.249%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008863	+0.243%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.588%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008858	+0.192%	$307K	$733K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008864	+0.260%	$19K	$177K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008863	+0.249%	$635K	$822K	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	0.008862	+0.238%	$8.3M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008863	+0.249%	$190K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008858	+0.192%	$153K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008846	+0.054%	$37.4M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008832	−0.102%	$23.2M	$37.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008837	−0.045%	$7.7M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	+0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008842	+0.011%	$12.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008838	−0.034%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008847	+0.068%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008840	−0.011%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008840	−0.011%	$303K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008923	+0.925%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008925	+0.950%	$81K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009073	+2.624%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008857	+0.181%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008876	+0.396%	$91K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008859	+0.206%	$183K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008858	+0.192%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0114%	1h	0.008864	+0.262%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008854	+0.146%	$299	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008841	long leg	$1.5M	$3.0M	75x
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0520% / S −0.0723%	1h	0.008859	+0.204%	$117K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+1.425%	$95K	$104K	50x	as long as short