Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: Variational Omni against GRVT−0.034%7-day average −0.008% · you buy dearer than you sell

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

Long on GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.034%, 7d avg −0.008%

Together, before fees+0.031%+ Points / potential airdropGRVT: Active · Variational 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 0.026% cheaper against GRVT than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008984	0.0100	pay 0.0050% / 4h	3h 32m	$468K	$2.1M	10x
Short	Variational Omni PENGU	0.008981	0.0100	get 0.0050% / 4h	3h 32m	$937K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. 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 GRVTbpFee Variational OmnibpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → −0.008%: −$2.61
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.61
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 GRVT live order book, 1 min ago	1.67 bp	13.8 bp −$14	42.1 bp −$421	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.35 bp	doesn't fit	21.2 bp −$212	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	−0.0066%	4h	0.008955	−0.323%	$3.4M	$16.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008973	−0.122%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008967	−0.192%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.171%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008959	−0.274%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008968	−0.178%	$205	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	−0.134%	$327K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008964	−0.223%	$601K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008969	−0.167%	$8.4M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008965	−0.209%	$138K	$640K	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	0.008967	−0.189%	$137K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008964	−0.223%	$38.4M	$171.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008969	−0.167%	$23.9M	$40.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008970	−0.156%	$7.8M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	−0.156%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008959	−0.278%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008963	−0.234%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008965	−0.211%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008957	−0.301%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008957	−0.301%	$299K	$327K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008981	−0.034%	$937K	$1.0M	—
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008984	long leg	$468K	$2.1M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009012	+0.312%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008968	−0.178%	$24K	$98K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009189	+2.282%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008964	−0.223%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008982	−0.022%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008953	−0.341%	$186K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008967	−0.189%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008963	−0.238%	$303	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008962	−0.245%	$1.6M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0415%	1h	0.008966	−0.200%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0610%	1h	0.008970	−0.156%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009010	+0.289%	$95K	$62K	50x	as long as short