Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0623%/8h= +68.2% APRpaid last 24h +0.100%

Price spread now: GMX against OKX+0.011%7-day average +0.055% · you sell dearer than you buy

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.220%+$22 on $10k

Price spread, last 3 days (all we have)+0.037%+$4 · spread now +0.011%, 7d avg +0.055%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.044% cheaper against OKX than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.055%). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$19 a day). At the pace of the last 3 days (+0.220% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008848	0.0100	pay 0.0050% / 4h	3h 26m	$7.6M	$47.5M	50x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008849	L +0.0518% / S −0.0723%	get 0.0090% / 1h	26m 23s	$117K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $130.82
Price spread: +0.011% → +0.055%: −$4.37
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $104.45
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: OKX: 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 OKX live order book, 2 min ago	0.57 bp	13.0 bp −$13	32.3 bp −$323	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
Kraken Futures PF_PENGUUSD	−0.0392%	1h	0.008829	−0.211%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0230%	4h	0.008845	−0.034%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008839	−0.102%	$202	$59	5x	as long as short
Variational Omni PENGU	−0.0199%	4h	0.008842	−0.067%	$874K	$932K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008821	−0.305%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008851	+0.029%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.667%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0081%	1h	0.008833	−0.169%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0090%	1h	0.008840	−0.090%	$700K	$767K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008835	−0.147%	$308K	$728K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0098%	1h	0.008815	−0.373%	$306K	$322K	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008852	+0.045%	$24K	$175K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008846	−0.023%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008848	−0.003%	$190K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008839	−0.102%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008849	+0.011%	$37.0M	$154.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008845	−0.034%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008848	long leg	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008850	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008848	0.000%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008847	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008854	+0.068%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008847	−0.011%	—	$3.8M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	−0.137%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008820	−0.316%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009020	+1.944%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.339%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008827	−0.237%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008844	−0.045%	$182K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008845	−0.034%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008846	−0.025%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008812	−0.407%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0518% / S −0.0723%	1h	0.008849	+0.011%	$117K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.170%	$94K	$103K	50x	as long as short