Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Backpack−0.152%7-day average −0.016% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 4 days (all we have)+0.637%+$64 · spread now −0.152%, 7d avg −0.016%

Together, before fees+0.686%+ Points / potential airdropVariational Omni: Active · farm board+$69 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 0.136% cheaper against Backpack than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENGU_USDC_PERP	0.008743	0.0100	pay 0.0013% / 1h	56m 59s	$299K	$293K	10x
Short	Variational Omni PENGU	0.008730	0.0100	get 0.0050% / 4h	56m 59s	$867K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.152%Rate

Funding earned: $0
Price spread: −0.152% → −0.016%: −$13.58
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$23.58
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 1 min ago; Variational Omni: RFQ quote, 2 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 Backpack live order book, 1 min ago	0.57 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.44 bp	doesn't fit	22.9 bp −$229	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
Gate PENGU_USDT	−0.0006%	4h	0.008740	−0.034%	$3.3M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008737	−0.069%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008735	−0.094%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.526%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008711	−0.366%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008739	−0.046%	$311K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008737	−0.069%	$23K	$137K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008718	−0.280%	$584K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008748	+0.057%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008734	−0.106%	$121K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008709	−0.389%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008746	+0.033%	$36.4M	$161.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008742	−0.011%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008745	+0.023%	$7.3M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.377%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008738	−0.057%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008739	−0.046%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008750	+0.080%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008741	−0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERPlong	+0.0100%	1h	0.008743	long leg	$299K	$293K	10x
Variational Omni PENGUshort	+0.0100%	4h	0.008730	−0.152%	$867K	$985K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	−0.029%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008735	−0.092%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008956	+2.436%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008739	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008729	−0.160%	$91K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008735	−0.094%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008730	−0.149%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008725	−0.208%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008733	−0.114%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008747	+0.047%	$343K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0369%	1h	0.008713	−0.343%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008733	−0.114%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.562%	$95K	$61K	50x	as long as short