Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.089%

Price spread now: OKX against GMX+0.080%7-day average −0.054% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.220%−$22 on $10k

Price spread, last 3 days (all we have)−0.147%−$15 · spread now +0.080%, 7d avg −0.054%

Together, before fees−0.367%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.133% dearer against GMX than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of −0.054%): +$13 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008765	L +0.0512% / S −0.0582%	pay 0.0064% / 1h	54m 25s	$119K	—	100x
Short	OKX PENGU-USDT-SWAP	0.008772	0.0100	get 0.0050% / 4h	1h 54m	$7.5M	$46.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$86.45
Price spread: +0.080% → −0.054%: $13.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$95.11
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 4 min ago	0.57 bp	14.0 bp −$14	30.0 bp −$300	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 33 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
ApeX Omni PENGUUSDT	−0.1212%	1h	0.008733	−0.365%	$80K	$243K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008774	+0.103%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008765	−0.001%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.274%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0050%	4h	0.008761	−0.046%	$3.4M	$15.4M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008781	+0.183%	$312K	$707K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008773	+0.091%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008771	+0.068%	$19K	$160K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008764	−0.011%	$591K	$984K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008766	+0.011%	$8.2M	$14.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008769	+0.046%	$132K	$523K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008776	+0.125%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008766	+0.013%	$37.2M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008766	+0.011%	$23.1M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008772	+0.080%	$7.5M	$46.2M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008766	+0.011%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008765	0.000%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008775	+0.114%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008762	−0.034%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008786	+0.240%	$301K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	+0.582%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008748	−0.199%	$464K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008983	+2.487%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008777	+0.137%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008800	+0.399%	$92K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	+0.096%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	+0.068%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0218%	1h	0.008776	+0.128%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008762	−0.032%	$296	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0512% / S −0.0582%	1h	0.008765	long leg	$119K	—	100x
Kraken Futures PF_PENGUUSD	+0.0648%	1h	0.008784	+0.217%	$354K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.305%	$95K	$94K	50x	as long as short