Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.107%

Price spread now: SunX against GMX+2.010%7-day average +2.658% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.251%−$25 on $10k

Price spread, last 4 days (all we have)+0.313%+$31 · spread now +2.010%, 7d avg +2.658%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and SunX is 0.648% cheaper against GMX than usual: you would sell low and buy high (−$65 if the spread goes back to its 7-day average of +2.658%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.009153	L +0.0432% / S −0.0351%	pay 0.0054% / 1h	41m 38s	$104K	—	100x
Short	SunX PENGU-USDT	0.009337	0.0100	get 0.0050% / 4h	3h 41m	$3K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.010%Rate

Funding earned: −$69.82
Price spread: +2.010% → +2.658%: −$64.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$154.59
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: 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 SunX live order book, 5 min ago	249.88 bp	doesn't fit	doesn't fit	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 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009150	−0.029%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.977%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0056%	4h	0.009150	−0.033%	$3.8M	$17.8M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.009157	+0.044%	$330K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009126	−0.290%	$649K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009157	+0.044%	$9.4M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009166	+0.145%	$132K	$751K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009160	+0.076%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009163	+0.111%	$40.4M	$196.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009157	+0.044%	$24.8M	$46.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009157	+0.044%	$8.3M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009160	+0.076%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009164	+0.120%	$11.5M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009163	+0.109%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009158	+0.055%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009148	−0.055%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009150	−0.033%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009105	−0.524%	$941K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009143	−0.109%	$484K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009145	−0.087%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009154	+0.011%	$24K	$324K	20x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009337	+2.010%	$3K	$2.2M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.009154	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009156	+0.033%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009153	−0.004%	$191K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009148	−0.055%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009123	−0.325%	$308	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0296%	1h	0.009160	+0.076%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009140	−0.142%	$1.6M	$5.3M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009160	+0.074%	$352K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0384%	1h	0.009165	+0.131%	$210	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0432% / S −0.0351%	1h	0.009153	long leg	$104K	—	100x
dYdX PENGU-USD	+0.1660%	1h	0.009160	+0.073%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.634%	$81K	$74K	50x	as long as short