Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0396%/8h= −43.3% APRpaid last 24h −0.085%

Price spread now: Binance against GMX−0.034%7-day average −0.055% · you buy dearer than you sell

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.034%, 7d avg −0.055%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.021% dearer against GMX than usual: you sell high and buy low (spread −0.034% now, against its 7-day average of −0.055%): +$2 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008727	L +0.0496% / S −0.0683%	pay 0.0062% / 1h	24m 09s	$110K	—	100x
Short	Binance PENGUUSDT	0.008724	0.0100	get 0.0050% / 4h	24m 09s	$36.2M	$154.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee BinancebpOrdersPrice spread, now −0.034%Rate

Funding earned: −$83.11
Price spread: −0.034% → −0.055%: $2.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$103.01
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 4 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	0.57 bp	8.5 bp −$9	18.8 bp −$188	62.7 bp −$6,269	doesn't fit

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	−0.0343%	1h	0.008731	+0.047%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0289%	4h	0.008718	−0.103%	$22.7M	$36.7M	75x	as long as short
Gate PENGU_USDT	−0.0286%	4h	0.008719	−0.092%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008717	−0.115%	$199	$59	5x	as long as short
Variational Omni PENGU	−0.0238%	4h	0.008725	−0.017%	$797K	$802K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0208%	1h	0.008725	−0.023%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0175%	1h	0.008720	−0.080%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.710%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0001%	1h	0.008723	−0.046%	$692K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008727	+0.005%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008733	+0.074%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008747	+0.227%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008726	−0.011%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008726	−0.011%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008725	−0.023%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008730	+0.036%	$188K	$469K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008727	0.000%	$151K	$239K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008724	−0.034%	$36.2M	$154.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008725	−0.023%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.080%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008724	−0.034%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008727	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008728	+0.011%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008716	−0.126%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.355%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008934	+2.372%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008723	−0.046%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008737	+0.115%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008721	−0.072%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008720	−0.080%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008721	−0.064%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008733	+0.069%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0496% / S −0.0683%	1h	0.008727	long leg	$110K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008724	−0.034%	$93K	$103K	50x	as long as short