Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0712%/8h= +78.0% APRpaid last 24h +0.082%

Price spread now: GMX against Bybit+0.185%7-day average +0.091% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.217%+$22 on $10k

Price spread, last 3 days (all we have)−0.103%−$10 · spread now +0.185%, 7d avg +0.091%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and GMX is 0.094% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.091%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.217% in total (about 25.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008631	−0.0009	get 0.0004% / 4h	2h 05m	$22.5M	$36.0M	75x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008647	L +0.0501% / S −0.0703%	get 0.0088% / 1h	5m 53s	$112K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.185%Rate

Funding earned: $149.52
Price spread: +0.185% → +0.091%: $9.39
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $135.91
Costs to cover: 0.230%
Break-even: 0.6 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.15 bp	6.9 bp −$7	21.3 bp −$213	132.5 bp −$13.3K	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	−0.0553%	1h	0.008652	+0.242%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0444%	1h	0.008645	+0.162%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008635	+0.046%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.973%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008641	+0.116%	$308K	$314K	10x	as long as short
Bybit PENGUUSDTlong	−0.0009%	4h	0.008631	long leg	$22.5M	$36.0M	75x
01 Exchange PENGUUSD	−0.0008%	1h	0.008641	+0.116%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008647	+0.185%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008658	+0.308%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008646	+0.174%	$295K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008648	+0.197%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008644	+0.148%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008644	+0.151%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008637	+0.066%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008636	+0.058%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008638	+0.081%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008638	+0.081%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008641	+0.116%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008635	+0.046%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	+0.183%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.374%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.475%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008642	+0.127%	$671K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	+0.162%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008851	+2.549%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008643	+0.139%	$986	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008666	+0.406%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008634	+0.034%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008645	+0.162%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008641	+0.119%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.197%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0501% / S −0.0703%	1h	0.008647	+0.185%	$112K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.788%	$93K	$97K	50x	as long as short