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% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Nado−0.529%7-day average −0.038% · you buy dearer than you sell

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$3 on $10k

Price spread, last 4 days (all we have)+0.396%+$40 · spread now −0.529%, 7d avg −0.038%

Together, before fees+0.431%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$43 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 0.491% cheaper against Nado than usual: you would sell low and buy high, −$49 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.009009	0.0100	pay 0.0012% / 1h	52m 40s	$635K	$1.1M	5x
Short	Variational Omni PENGU	0.008962	0.0100	get 0.0050% / 4h	52m 40s	$913K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now −0.529%Rate

Funding earned: $0
Price spread: −0.529% → −0.038%: −$49.08
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$56.08
Costs to cover: 0.070%
Break-even: 50536411512650.9 days

Slippage unknown: Nado: 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 Nado live order book, 1 min ago	1.66 bp	8.9 bp −$9	25.1 bp −$251	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.89 bp	doesn't fit	22.8 bp −$228	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009003	−0.072%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	−0.129%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.447%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	−0.228%	$79K	$252K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009019	+0.105%	$323K	$769K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009009	long leg	$635K	$1.1M	5x
Hyperliquid PENGU	+0.0100%	1h	0.009018	+0.094%	$9.1M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009011	+0.014%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009004	−0.061%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009001	−0.093%	$39.2M	$190.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008991	−0.205%	$24.0M	$44.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008991	−0.205%	$8.0M	$54.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009000	−0.105%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009004	−0.061%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009000	−0.105%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009012	+0.028%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009001	−0.094%	$8.6M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008995	−0.161%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009002	−0.083%	$292K	$369K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008962	−0.529%	$913K	$1.1M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.165%	$473K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008999	−0.117%	$23K	$256K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.314%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	−0.094%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009013	+0.039%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009008	−0.015%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	−0.139%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009001	−0.094%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009024	+0.161%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	−0.017%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009012	+0.023%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0352%	1h	0.008994	−0.172%	$103K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	−0.039%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.393%	$80K	$70K	50x	as long as short