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 SunX−2.558%7-day average −2.669% · you buy dearer than you sell

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

Long on SunX 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)+0.235%+$23 · spread now −2.558%, 7d avg −2.669%

Together, before fees+0.471%+$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and GMX is 0.111% dearer against SunX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −2.669%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENGU-USDT	0.008992	0.0100	pay 0.0050% / 4h	1h 10m	$3K	$2.0M	10x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008762	L +0.0555% / S −0.0662%	get 0.0083% / 1h	10m 03s	$132K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now −2.558%Rate

Funding earned: $118.12
Price spread: −2.558% → −2.669%: $11.15
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $109.26
Costs to cover: 0.200%
Break-even: 0.5 days

Slippage unknown: SunX: live order book, 6 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 SunX live order book, 6 min ago	249.92 bp	doesn't fit	doesn't fit	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	−0.0032%	1h	0.008782	−2.335%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008761	−2.569%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008763	−2.543%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008756	−2.625%	$3.3M	$15.7M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.258%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008764	−2.536%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008761	−2.569%	$23K	$164K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008768	−2.491%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008760	−2.580%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008768	−2.493%	$121K	$579K	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	0.008779	−2.369%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008757	−2.613%	$36.5M	$160.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008754	−2.647%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008753	−2.658%	$7.3M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−2.358%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	−2.636%	$11.3M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008763	−2.547%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008757	−2.613%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008758	−2.602%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	−2.602%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008756	−2.627%	$869K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008744	−2.754%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	−2.602%	$80K	$243K	50x	as long as short
SunX PENGU-USDTlong	+0.0100%	4h	0.008992	long leg	$3K	$2.0M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008761	−2.569%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008796	−2.180%	$92K	$352K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008747	−2.722%	$185K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008752	−2.669%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0232%	1h	0.008778	−2.377%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008763	−2.547%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	−2.358%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0555% / S −0.0662%	1h	0.008762	−2.558%	$132K	—	100x
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008770	−2.463%	$348K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	−0.278%	$95K	$90K	50x	as long as short