Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.354%

Price spread now: Variational Omni against dYdX+0.214%7-day average — · you sell dearer than you buy

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

Long on dYdX 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and Variational Omni is 0.214% dearer against dYdX than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.008642	0	get 0.0000% / 1h	38m 17s	$11K	$4K	5x
Short	Variational Omni PENGU	0.008661	0.0100	get 0.0050% / 4h	2h 38m	$794K	$713K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now +0.214%Rate

Funding earned: $21
Price spread: +0.214% → 0.000%: $21.38
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $32.38
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, 50 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 dYdX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 50 min ago	3.95 bp	doesn't fit	18.6 bp −$186	doesn't fit	doesn't fit

dYdX: 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	−0.0553%	1h	0.008657	+0.171%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0392%	4h	0.008643	+0.011%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0258%	4h	0.008649	+0.080%	$22.4M	$35.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0212%	1h	0.008653	+0.126%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0166%	1h	0.008638	−0.047%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.844%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USDlong	0.0000%	1h	0.008642	long leg	$11K	$4K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008652	+0.117%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008647	+0.057%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008655	+0.150%	$293K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	+0.014%	$670K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008649	+0.080%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008648	+0.063%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008641	−0.012%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008656	+0.160%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008659	+0.196%	$7.6M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	+0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008652	+0.115%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008653	+0.126%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008661	+0.219%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008645	+0.034%	—	$3.9M	—	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008661	+0.214%	$794K	$713K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.245%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.288%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008653	+0.126%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008852	+2.429%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008651	+0.103%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008654	+0.138%	$90K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008649	+0.075%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008650	+0.092%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008641	−0.013%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	+0.022%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008653	+0.126%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.019%	$94K	$97K	50x	as long as short