Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0158%/8h= −17.3% APRpaid last 24h −0.023%

Price spread now: BloFin against GMX−0.171%51s7-day average −0.037% · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.175%+$17 · spread now −0.171%, 7d avg −0.037%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BloFin is 0.134% cheaper against GMX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.037%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008758	L +0.0498% / S −0.0462%	pay 0.0062% / 1h	29m 37s	$121K	—	100x
Short	BloFin PENGU-USDT	0.008743	0.0340	get 0.0170% / 4h	2h 29m	$1.5M	$4.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$33.11
Price spread: −0.171% → −0.037%: −$13.4
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$70.52
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 4 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 BloFin live order book, 4 min ago	8.01 bp	17.4 bp −$17	22.5 bp −$225	48.2 bp −$4,820	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008758	−0.005%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008767	+0.103%	$318K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008780	+0.251%	$589K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008769	+0.126%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008777	+0.216%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008763	+0.057%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008776	+0.211%	$37.0M	$176.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008768	+0.114%	$23.2M	$41.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008772	+0.160%	$7.6M	$50.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.251%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008765	+0.080%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008763	+0.057%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008761	+0.034%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008772	+0.160%	$8.3M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008767	+0.103%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008760	+0.023%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008739	−0.215%	$912K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.144%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008731	−0.308%	$79K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008762	+0.046%	$23K	$165K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008971	+2.432%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008764	+0.069%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008767	+0.103%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008770	+0.139%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008756	−0.023%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008786	+0.320%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0196%	1h	0.008764	+0.069%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0207%	1h	0.008765	+0.080%	$17K	$12K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008760	+0.026%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008767	+0.107%	$320K	$2.4M	50x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008743	−0.171%	$1.5M	$4.4M	75x
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0498% / S −0.0462%	1h	0.008758	long leg	$121K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.765%	$78K	$76K	50x	as long as short