Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0330%/8h= −36.2% APRpaid last 24h −0.108%

Price spread now: KuCoin against GMX+0.079%7-day average −0.006% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.262%−$26 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now +0.079%, 7d avg −0.006%

Together, before fees−0.362%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.085% dearer against GMX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of −0.006%): +$8 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008881	L +0.0430% / S −0.0359%	pay 0.0054% / 1h	2m 03s	$103K	—	100x
Short	KuCoin PENGUUSDTM	0.008888	0.0100	get 0.0050% / 4h	1h 02m	$5.3M	$10.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$69.34
Price spread: +0.079% → −0.006%: $8.45
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$84.89
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	1.12 bp	22.2 bp −$22	51.7 bp −$517	doesn't fit	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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008893	+0.138%	$19K	$21K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008884	+0.037%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.036%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008893	+0.138%	$338K	$2.7M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0088%	1h	0.008889	+0.090%	$1K	$27K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008892	+0.124%	$316K	$726K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008885	+0.045%	$203	$141	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008882	+0.017%	$612K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008891	+0.113%	$8.5M	$17.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008889	+0.092%	$108K	$833K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008891	+0.113%	$133K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008885	+0.050%	$38.2M	$197.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008882	+0.011%	$23.9M	$47.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008882	+0.011%	$8.4M	$56.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−0.011%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008883	+0.023%	$3.6M	$18.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	+0.034%	$12.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008888	+0.079%	$5.3M	$10.7M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008891	+0.113%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008886	+0.056%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008886	+0.056%	$297K	$402K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008890	+0.103%	$880K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008882	+0.011%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008882	+0.011%	$80K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008884	+0.034%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009110	+2.579%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008888	+0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008898	+0.191%	$92K	$361K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008880	−0.010%	$179K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008886	+0.056%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.008885	+0.048%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008895	+0.158%	$1.6M	$5.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0430% / S −0.0359%	1h	0.008881	long leg	$103K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008982	+1.137%	$82K	$89K	50x	as long as short