Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h −0.108%

Price spread now: BingX against GMX−0.057%7-day average −0.035% · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.262%−$26 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.057%, 7d avg −0.035%

Together, before fees−0.260%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and BingX is 0.022% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008804	L +0.0429% / S −0.0359%	pay 0.0054% / 1h	49m 26s	$102K	—	100x
Short	BingX PENGU-USDT	0.008799	0.0100	get 0.0050% / 4h	49m 26s	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$69.09
Price spread: −0.057% → −0.035%: −$2.22
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$93.31
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 9 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 BingX live order book, 9 min ago	0.56 bp	7.2 bp −$7	14.0 bp −$140	46.5 bp −$4,647	281.7 bp −$140.9K

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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008818	+0.163%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008846	+0.477%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008797	−0.085%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.170%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008820	+0.182%	$312K	$722K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008829	+0.284%	$8.4M	$17.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008832	+0.318%	$110K	$833K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	+0.193%	$132K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008831	+0.307%	$37.8M	$197.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008828	+0.273%	$23.7M	$47.9M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008826	+0.250%	$8.3M	$55.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.182%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008819	+0.170%	$3.6M	$18.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008816	+0.136%	$12.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.318%	$5.3M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008829	+0.284%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008799	−0.057%	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008831	+0.307%	$295K	$393K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008834	+0.343%	$875K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.398%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008837	+0.375%	$80K	$247K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008857	+0.608%	$597K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008844	+0.454%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009041	+2.692%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008845	+0.466%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008827	+0.261%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	+0.153%	$178K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008846	+0.477%	$204K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0136%	1h	0.008830	+0.295%	$202	$141	5x	as long as short
Reya PENGURUSDPERP	+0.0242%	1h	0.008821	+0.197%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0261%	1h	0.008839	+0.397%	$336K	$2.7M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008842	+0.432%	$1.6M	$5.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0429% / S −0.0359%	1h	0.008804	long leg	$102K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1760%	1h	0.008982	+2.022%	$82K	$88K	50x	as long as short