Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h −0.024%

Price spread now: Variational Omni against Kraken Futures−0.049%7-day average −0.135% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now −0.049%, 7d avg −0.135%

Together, before fees−0.206%+ Points / potential airdropVariational Omni: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.086% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.049% now, against its 7-day average of −0.135%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 4 days (−0.010% in total) that is about 31 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.010% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.008748	0.0323	pay 0.0040% / 1h	38m 41s	$320K	$2.4M	50x
Short	Variational Omni PENGU	0.008744	0.0100	get 0.0050% / 4h	2h 38m	$913K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.049%Rate

Funding earned: −$46.79
Price spread: −0.049% → −0.135%: $8.61
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.18
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 Kraken Futures live order book, 5 min ago	3.99 bp	24.3 bp −$24	50.7 bp −$507	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	4.01 bp	doesn't fit	28.1 bp −$281	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008739	−0.107%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.464%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0093%	1h	0.008748	−0.005%	$17K	$12K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008761	+0.144%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008737	−0.130%	$586K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008760	+0.132%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008761	+0.148%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008758	+0.110%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008761	+0.147%	$36.9M	$176.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008740	−0.096%	$23.2M	$41.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008747	−0.016%	$7.5M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.018%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008747	−0.016%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008752	+0.041%	$10.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008752	+0.041%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008752	+0.041%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008746	−0.028%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008739	−0.108%	$289K	$339K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008744	−0.049%	$913K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008738	−0.113%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008755	+0.075%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008743	−0.062%	$22K	$155K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008952	+2.327%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.062%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.121%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008750	+0.014%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	−0.119%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0163%	1h	0.008754	+0.066%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008764	+0.178%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008740	−0.092%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0323%	1h	0.008748	long leg	$320K	$2.4M	50x
BloFin PENGU-USDT	+0.0340%	4h	0.008735	−0.153%	$1.5M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0413%	1h	0.008739	−0.108%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008812	+0.727%	$78K	$76K	50x	as long as short