Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0417%/8h= −45.7% APRpaid last 24h −0.087%

Price spread now: SunX against GMX+2.380%7-day average +2.678% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.214%−$21 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +2.380%, 7d avg +2.678%

Together, before fees−0.193%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and SunX is 0.298% cheaper against GMX than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of +2.678%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008823	L +0.0517% / S −0.0723%	pay 0.0065% / 1h	29m 07s	$117K	—	100x
Short	SunX PENGU-USDT	0.009033	0.0100	get 0.0050% / 4h	3h 29m	$3K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +2.380%Rate

Funding earned: −$87.63
Price spread: +2.380% → +2.678%: −$29.79
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$137.41
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 7 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 SunX live order book, 7 min ago	256.15 bp	doesn't fit	doesn't fit	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	−0.0392%	1h	0.008829	+0.072%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0234%	4h	0.008822	−0.011%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008827	+0.045%	$202	$59	5x	as long as short
Variational Omni PENGU	−0.0221%	4h	0.008831	+0.092%	$871K	$933K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008823	0.000%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	+0.003%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.385%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0076%	1h	0.008820	−0.038%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0087%	1h	0.008823	+0.006%	$699K	$767K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008823	0.000%	$308K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008822	−0.011%	$24K	$182K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008823	0.000%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008824	+0.008%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−0.023%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008831	+0.091%	$36.9M	$154.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008827	+0.045%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	+0.102%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	−0.045%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008824	+0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	+0.023%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008817	−0.068%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008821	−0.023%	$306K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.146%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008810	−0.147%	$80K	$254K	50x	as long as short
SunX PENGU-USDTshort	+0.0100%	4h	0.009033	+2.380%	$3K	$2.1M	10x
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.057%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.227%	$91K	$296K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.038%	$182K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008813	−0.113%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.047%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008816	−0.079%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0517% / S −0.0723%	1h	0.008823	long leg	$117K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.453%	$94K	$103K	50x	as long as short