Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.019%

Price spread now: Variational Omni against Lighter−0.260%7-day average −0.077% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.425%+$43 · spread now −0.260%, 7d avg −0.077%

Together, before fees+0.391%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$39 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 0.183% cheaper against Lighter than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008854	0.0096	pay 0.0012% / 1h	30m 06s	$315K	$718K	8x
Short	Variational Omni PENGU	0.008831	0.0100	get 0.0050% / 4h	30m 06s	$877K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.260%Rate

Funding earned: $0.84
Price spread: −0.260% → −0.077%: −$18.29
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.45
Costs to cover: 0.000%
Break-even: 152.4 days

Slippage unknown: Lighter: live order book, 25 min ago; Variational Omni: RFQ quote, 29 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 Lighter live order book, 25 min ago	4.57 bp	13.2 bp −$13	78.5 bp −$785	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 29 min ago	3.44 bp	doesn't fit	22.9 bp −$229	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	0.008845	−0.099%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.734%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0064%	4h	0.008862	+0.090%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008853	−0.011%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0089%	1h	0.008851	−0.034%	$18K	$10K	10x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008854	long leg	$315K	$718K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008852	−0.023%	$23K	$124K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008847	−0.073%	$595K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008871	+0.192%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008851	−0.039%	$122K	$586K	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	0.008858	+0.045%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008862	+0.090%	$37.1M	$162.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008859	+0.056%	$23.5M	$39.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008867	+0.147%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	+0.181%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008863	+0.102%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008856	+0.023%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008869	+0.169%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008860	+0.068%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008863	+0.102%	$294K	$310K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008831	−0.260%	$877K	$985K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−1.175%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.745%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009069	+2.428%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008851	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008873	+0.215%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008847	−0.077%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008842	−0.136%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008843	−0.125%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008834	−0.226%	$1.5M	$3.6M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008858	+0.044%	$346K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0487%	1h	0.008854	−0.001%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008844	−0.113%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008886	+0.361%	$95K	$61K	50x	as long as short