Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0611%/8h= +66.9% APRpaid last 24h +0.088%

Price spread now: GMX against HTX−0.046%7-day average −0.238% · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.198%+$20 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now −0.046%, 7d avg −0.238%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and GMX is 0.192% dearer against HTX than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.238%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PENGU-USDT	0.008785	0.0100	pay 0.0050% / 4h	1h 26m	$92K	$249K	25x
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008781	L +0.0510% / S −0.0711%	get 0.0089% / 1h	26m 08s	$114K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $128.28
Price spread: −0.046% → −0.238%: $19.22
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $123.49
Costs to cover: 0.240%
Break-even: 0.3 days

Slippage unknown: HTX: live order book, 55 min ago; GMX: no order-book sample. 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 HTX live order book, 55 min ago	11.45 bp	17.5 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0607%	1h	0.008782	−0.029%	$370K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0319%	1h	0.008778	−0.080%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008773	−0.137%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0137%	4h	0.008764	−0.239%	$22.8M	$36.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008775	−0.114%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008783	−0.028%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	−0.075%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.797%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008769	−0.182%	$308K	$736K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008774	−0.120%	$683K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008781	−0.046%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008782	−0.032%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	−0.148%	$150K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	−0.175%	$36.5M	$152.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008767	−0.205%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.171%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008770	−0.171%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008775	−0.114%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008777	−0.091%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008768	−0.194%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008786	+0.011%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008803	+0.205%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	+0.262%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008779	−0.068%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008976	+2.174%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008769	−0.182%	$995	$5K	5x	as long as short
HTX PENGU-USDTlong	+0.0100%	4h	0.008785	long leg	$92K	$249K	25x
Extended PENGU-USD	+0.0104%	1h	0.008769	−0.177%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.159%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0140%	1h	0.008781	−0.043%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008775	−0.119%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008791	+0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0510% / S −0.0711%	1h	0.008781	−0.046%	$114K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.821%	$95K	$105K	50x	as long as short