Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0441%/8h= −48.3% APRpaid last 24h −0.095%

Price spread now: MEXC against GMX−0.057%7-day average −0.044% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.234%−$23 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.057%, 7d avg −0.044%

Together, before fees−0.271%−$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008806	L +0.0541% / S −0.0526%	pay 0.0068% / 1h	49m 32s	$133K	—	100x
Short	MEXC PENGU_USDT	0.008801	0.0100	get 0.0050% / 4h	2h 49m	$10.5M	$12.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$92.56
Price spread: −0.057% → −0.044%: −$1.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$105.81
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 4 min ago	0.57 bp	3.5 bp −$4	15.9 bp −$159	60.5 bp −$6,053	120.1 bp −$60.0K

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008807	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008808	+0.021%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.193%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0066%	4h	0.008795	−0.125%	$3.3M	$16.4M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008808	+0.023%	$319K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.045%	$591K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008807	+0.011%	$8.1M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008803	−0.036%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008803	−0.034%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008801	−0.058%	$37.2M	$175.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008791	−0.170%	$23.4M	$41.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008797	−0.102%	$7.6M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.068%	$19K	$25K	5x	as long as short
MEXC PENGU_USDTshort	+0.0100%	4h	0.008801	−0.057%	$10.5M	$12.6M	125x
KuCoin PENGUUSDTM	+0.0100%	4h	0.008802	−0.045%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008801	−0.057%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008802	−0.045%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008794	−0.136%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008817	+0.124%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008823	+0.192%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008821	+0.170%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008806	0.000%	$23K	$139K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.407%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008796	−0.114%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+0.307%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008797	−0.101%	$182K	$865K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−0.125%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008801	−0.057%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0185%	1h	0.008804	−0.023%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008802	−0.043%	$297	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0321%	1h	0.008803	−0.034%	$322K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008821	+0.170%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0541% / S −0.0526%	1h	0.008806	long leg	$133K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008847	+0.466%	$93K	$58K	50x	as long as short