Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against OKX+0.632%7-day average −0.026% · you sell dearer than you buy

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 3 days (all we have)−0.165%−$17 · spread now +0.632%, 7d avg −0.026%

Together, before fees−0.180%+ Points / potential airdropVariational Omni: Active · farm board−$18 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 0.657% dearer against OKX than usual: you sell high and buy low, +$66 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008622	0.0100	pay 0.0050% / 4h	2h 54m	$7.7M	$46.3M	50x
Short	Variational Omni PENGU	0.008676	0.0100	get 0.0050% / 4h	2h 54m	$795K	$712K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now +0.632%Rate

Funding earned: $0
Price spread: +0.632% → −0.026%: $65.73
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $55.73
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 4 min ago; 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 OKX live order book, 4 min ago	0.57 bp	12.2 bp −$12	29.9 bp −$299	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 34 min ago	3.95 bp	doesn't fit	18.6 bp −$186	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
Kraken Futures PF_PENGUUSD	−0.0550%	1h	0.008697	+0.874%	$385K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0358%	4h	0.008615	−0.081%	$22.6M	$35.6M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0355%	1h	0.008687	+0.754%	$311K	$318K	10x	as long as short
Gate PENGU_USDT	−0.0320%	4h	0.008625	+0.035%	$3.4M	$15.3M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+1.079%	$3K	$81K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0072%	1h	0.008679	+0.661%	$199	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008658	+0.423%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008695	+0.847%	$21K	$8K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.836%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0093%	1h	0.008623	+0.012%	$670K	$758K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008662	+0.464%	$294K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008633	+0.128%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	+0.543%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008653	+0.360%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008623	+0.012%	$35.7M	$150.7M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008622	long leg	$7.7M	$46.3M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008630	+0.093%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008647	+0.290%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	+0.476%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008631	+0.104%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008610	−0.139%	—	$2.3M	—	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008676	+0.632%	$795K	$712K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	+0.615%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.638%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008696	+0.858%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.981%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008691	+0.800%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008688	+0.765%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008617	−0.062%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008690	+0.789%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008627	+0.062%	$291	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	+0.615%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008693	+0.823%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.259%	$94K	$97K	50x	as long as short