Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0411%/8h= −45.0% APRpaid last 24h −0.085%

Price spread now: Aster against GMX+0.098%7-day average −0.014% · you sell dearer than you buy

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 3 days (all we have)−0.101%−$10 · spread now +0.098%, 7d avg −0.014%

Together, before fees−0.313%+ Points / potential airdropAster: Stage 5 · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.112% dearer against GMX than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of −0.014%): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008820	L +0.0511% / S −0.0711%	pay 0.0064% / 1h	49m 29s	$115K	—	100x
Short	Aster PENGUUSDT	0.008829	0.0100	get 0.0050% / 4h	49m 29s	$191K	$467K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$86.35
Price spread: +0.098% → −0.014%: $11.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$95.19
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 28 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 28 min ago	5.12 bp	11.6 bp −$12	57.5 bp −$575	doesn't fit	doesn't fit

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	−0.0339%	1h	0.008830	+0.112%	$372K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008820	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0250%	4h	0.008818	−0.023%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0226%	4h	0.008804	−0.181%	$22.9M	$36.5M	75x	as long as short
Variational Omni PENGU	−0.0156%	4h	0.008825	+0.061%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008816	−0.045%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.351%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008821	+0.006%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008826	+0.067%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0072%	1h	0.008821	+0.017%	$689K	$762K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008825	+0.057%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008812	−0.091%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	−0.034%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008829	+0.098%	$191K	$467K	20x
Pacifica PENGU	+0.0100%	1h	0.008823	+0.034%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008814	−0.068%	$36.6M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008805	−0.170%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	0.000%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008816	−0.045%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008823	+0.034%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008823	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008820	0.000%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008819	−0.011%	$315K	$308K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008826	+0.065%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008833	+0.147%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009050	+2.608%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008851	+0.351%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	−0.024%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008821	+0.011%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.074%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	+0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0511% / S −0.0711%	1h	0.008820	long leg	$115K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.340%	$94K	$104K	50x	as long as short