Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0611%/8h= +66.9% APRpaid last 24h +0.105%

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

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.240%+$24 on $10k

Price spread, last 3 days (all we have)+0.045%+$5 · spread now −0.011%, 7d avg +0.055%

Together, before fees+0.285%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.067% cheaper against Orderly 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 −$7 on $10k: about 9 hours of funding at the current rate (+$18 a day). At the pace of the last 3 days (+0.240% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008777	0.0097	pay 0.0049% / 4h	2h 42m	$19K	$170K	20x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008776	L +0.0512% / S −0.0708%	get 0.0089% / 1h	42m 27s	$114K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $128.29
Price spread: −0.011% → +0.055%: −$6.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $103.6
Costs to cover: 0.180%
Break-even: 1.3 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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
Nado PENGU-PERP	−0.0056%	1h	0.008776	−0.011%	$560K	$960K	5x	as long as short
Variational Omni PENGU	−0.0050%	4h	0.008788	+0.127%	$876K	$1.0M	—	as long as short
ApeX Omni PENGUUSDT	−0.0034%	1h	0.008823	+0.524%	$80K	$248K	50x	as long as short
Gate PENGU_USDT	−0.0014%	4h	0.008778	+0.011%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008801	+0.273%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008779	+0.022%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.137%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008780	+0.034%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008764	−0.148%	$310K	$706K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0097%	4h	0.008777	long leg	$19K	$170K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008782	+0.057%	$8.2M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008781	+0.046%	$168K	$444K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008765	−0.137%	$151K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	−0.013%	$37.2M	$157.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008769	−0.091%	$22.9M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008771	−0.068%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	+0.103%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008779	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008775	−0.023%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008773	−0.046%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008790	+0.148%	$301K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008776	−0.010%	$469K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009015	+2.712%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	+0.285%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.467%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008774	−0.034%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.068%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0186%	1h	0.008759	−0.210%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008811	+0.385%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008780	+0.038%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.627%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0512% / S −0.0708%	1h	0.008776	−0.011%	$114K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.165%	$95K	$104K	50x	as long as short