Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against ApeX Omni−0.006%73s7-day average −0.074% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now −0.006%, 7d avg −0.074%

Together, before fees+0.027%+ Points / potential airdropVariational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.068% dearer against ApeX Omni than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.074%. The two prices were read 73 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	ApeX Omni PENGUUSDT	0.008677	0.0100	pay 0.0013% / 1h	54m 20s	$79K	$254K	50x
Short	Variational Omni PENGU	0.008676	0.0100	get 0.0050% / 4h	2h 54m	$795K	$712K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now −0.006%Rate

Funding earned: $0
Price spread: −0.006% → −0.074%: $6.81
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.19
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 32 min ago; Variational Omni: RFQ quote, 34 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 ApeX Omni live order book, 32 min ago	4.56 bp	11.6 bp −$12	97.1 bp −$971	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 34 min ago	3.95 bp	doesn't fit	18.6 bp −$186	doesn't fit	doesn't fit

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	−0.0553%	1h	0.008649	−0.323%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0358%	4h	0.008631	−0.530%	$22.7M	$35.6M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0355%	1h	0.008687	+0.115%	$311K	$318K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008640	−0.426%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0320%	4h	0.008630	−0.542%	$3.4M	$15.3M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.438%	$3K	$81K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0072%	1h	0.008679	+0.023%	$199	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008658	−0.213%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008642	−0.401%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0093%	1h	0.008623	−0.622%	$670K	$758K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008662	−0.173%	$294K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008633	−0.507%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008641	−0.416%	$170K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008653	−0.277%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008637	−0.461%	$35.7M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008637	−0.461%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008630	−0.542%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008630	−0.542%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008627	−0.576%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008643	−0.392%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008623	−0.622%	—	$2.3M	—	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008676	−0.006%	$795K	$712K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	−0.023%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDTlong	+0.0100%	1h	0.008677	long leg	$79K	$254K	50x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008641	−0.415%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008835	+1.821%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008641	−0.415%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	−0.207%	$90K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008637	−0.460%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008637	−0.461%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008627	−0.572%	$291	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	−0.023%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0488% / S −0.0675%	1h	0.008642	−0.403%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.605%	$94K	$97K	50x	as long as short