Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0216%/8h= −23.6% APRpaid last 24h +0.060%

Price spread now: Variational Omni against Deribit−0.387%59s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.387% cheaper against Deribit than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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	Deribit PENGU_USDC-PERPETUAL	0.008727	−0.0094	get 0.0012% / 1h	9m 25s	$18K	$10K	10x
Short	Variational Omni PENGU	0.008693	−0.0310	pay 0.0155% / 4h	9m 25s	$859K	$927K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.387%Rate

Funding earned: −$45.3
Price spread: −0.387% → 0.000%: −$38.69
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$90.99
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 5 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	4.01 bp	doesn't fit	22.4 bp −$224	doesn't fit	doesn't fit

Deribit: 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	−0.0343%	1h	0.008734	+0.076%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0323%	4h	0.008730	+0.034%	$22.8M	$36.9M	75x	as long as short
Variational Omni PENGUshort	−0.0310%	4h	0.008693	−0.387%	$859K	$927K	—
Gate PENGU_USDT	−0.0306%	4h	0.008732	+0.057%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008723	−0.046%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0185%	1h	0.008725	−0.023%	$306K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.710%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0094%	1h	0.008727	long leg	$18K	$10K	10x
Nado PENGU-PERP	−0.0025%	1h	0.008730	+0.034%	$694K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008738	+0.123%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0018%	1h	0.008730	+0.039%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008703	−0.274%	$455K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008731	+0.046%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008737	+0.115%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008732	+0.057%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008731	+0.044%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008725	−0.023%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008734	+0.080%	$36.2M	$155.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008731	+0.046%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.080%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008735	+0.092%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008731	+0.046%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008735	+0.092%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008732	+0.057%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.023%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.349%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008724	−0.034%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.080%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008720	−0.085%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008732	+0.057%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008732	+0.057%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.241%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008739	+0.138%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.470%	$93K	$103K	50x	as long as short