Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0406%/8h= −44.4% APRpaid last 24h −0.084%

Price spread now: Variational Omni against GMX−0.060%7-day average −0.091% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.221%−$22 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now −0.060%, 7d avg −0.091%

Together, before fees−0.313%+ Points / potential airdropVariational Omni: Active · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.031% dearer against GMX than usual: you sell high and buy low (spread −0.060% now, against its 7-day average of −0.091%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENGU/USD [WBTC.b-USDC]	0.008766	L +0.0506% / S −0.0703%	pay 0.0063% / 1h	50m 13s	$113K	—	100x
Short	Variational Omni PENGU	0.008761	0.0100	get 0.0050% / 4h	1h 50m	$811K	$726K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.060%Rate

Funding earned: −$85.19
Price spread: −0.060% → −0.091%: $3.13
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$94.07
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 34 min ago	4.03 bp	doesn't fit	28.2 bp −$282	doesn't fit	doesn't fit

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	−0.0608%	1h	0.008765	−0.013%	$387K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008758	−0.091%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008764	−0.023%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008762	−0.046%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0006%	4h	0.008754	−0.137%	$22.7M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008764	−0.025%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.582%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008769	+0.037%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0048%	1h	0.008763	−0.034%	$679K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008763	−0.034%	$299K	$726K	8x	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	0.008766	0.000%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008772	+0.068%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008766	0.000%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008761	−0.057%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008759	−0.080%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	−0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008761	−0.057%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008762	−0.046%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008766	0.000%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008761	−0.057%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008761	−0.057%	$312K	$310K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008761	−0.060%	$811K	$726K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	+0.035%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008763	−0.034%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008763	−0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008973	+2.361%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008760	−0.068%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008786	+0.228%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008758	−0.096%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.011%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	−0.039%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	+0.080%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]long	L +0.0506% / S −0.0703%	1h	0.008766	long leg	$113K	—	100x
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008785	+0.217%	$93K	$101K	50x	as long as short