Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0562%/8h= +61.6% APRpaid last 24h +0.109%

Price spread now: GMX against KuCoin−0.080%7-day average +0.021% · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.236%+$24 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now −0.080%, 7d avg +0.021%

Together, before fees+0.405%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.101% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of +0.021%). If the spread goes back, that is −$10 on $10k: about 14 hours of funding at the current rate (+$17 a day). At the pace of the last 3 days (+0.236% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008745	0.0100	pay 0.0050% / 4h	1h 25m	$4.8M	$9.1M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008738	L +0.0554% / S −0.0662%	get 0.0083% / 1h	25m 52s	$131K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.080%Rate

Funding earned: $118.12
Price spread: −0.080% → +0.021%: −$10.06
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $84.06
Costs to cover: 0.240%
Break-even: 2.0 days

Slippage unknown: KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	3.44 bp	18.2 bp −$18	56.4 bp −$564	doesn't fit	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
01 Exchange PENGUUSD	−0.0056%	1h	0.008744	−0.011%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0008%	4h	0.008742	−0.034%	$3.3M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008737	−0.091%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008739	−0.071%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.503%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008742	−0.034%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008738	−0.080%	$22K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008743	−0.026%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008750	+0.057%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008742	−0.035%	$121K	$578K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008738	−0.080%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008748	+0.034%	$36.6M	$160.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008741	−0.046%	$23.1M	$38.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008746	+0.011%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008748	+0.034%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008745	long leg	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008749	+0.046%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008743	−0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008742	−0.034%	$299K	$274K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008728	−0.198%	$868K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008731	−0.160%	$455K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008767	+0.252%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008944	+2.276%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008739	−0.069%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	−0.034%	$90K	$351K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008744	−0.010%	$184K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008729	−0.183%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0209%	1h	0.008737	−0.091%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008739	−0.068%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008723	−0.252%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0554% / S −0.0662%	1h	0.008738	−0.080%	$131K	—	100x
Kraken Futures PF_PENGUUSD	+0.0650%	1h	0.008745	+0.003%	$351K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.539%	$95K	$94K	50x	as long as short