Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: Variational Omni against Orderly−0.316%48s7-day average −0.036% · you buy dearer than you sell

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.199%+$20 · spread now −0.316%, 7d avg −0.036%

Together, before fees+0.175%+ 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 0.280% cheaper against Orderly than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of −0.036%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008881	0.0100	pay 0.0050% / 4h	4m 29s	$23K	$96K	20x
Short	Variational Omni PENGU	0.008853	0.0100	get 0.0050% / 4h	4m 29s	$922K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Orderly. 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 OrderlybpFee Variational OmnibpOrdersPrice spread, now −0.316%Rate

Funding earned: $0.02
Price spread: −0.316% → −0.036%: −$28.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.98
Costs to cover: 0.060%
Break-even: 11335.3 days

Slippage unknown: Orderly: no order-book sample; Variational Omni: RFQ quote, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	3.92 bp	doesn't fit	25.2 bp −$252	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.008872	−0.104%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.036%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008867	−0.158%	$315K	$720K	8x	as long as short
Gate PENGU_USDT	+0.0096%	4h	0.008862	−0.214%	$3.3M	$15.9M	75x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008881	long leg	$23K	$96K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008869	−0.129%	$596K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008873	−0.090%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008859	−0.252%	$126K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008860	−0.236%	$156K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008865	−0.178%	$37.7M	$166.0M	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	0.008860	−0.236%	$23.5M	$39.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008861	−0.225%	$7.5M	$48.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−0.124%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008870	−0.124%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008867	−0.158%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008876	−0.056%	$8.6M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008858	−0.259%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008870	−0.124%	$295K	$326K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008853	−0.316%	$922K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	−0.185%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008865	−0.180%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009073	+2.162%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008880	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008884	+0.034%	$92K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008860	−0.231%	$183K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008876	−0.056%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008859	−0.248%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0200%	1h	0.008886	+0.056%	$18K	$10K	10x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008868	−0.144%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008877	−0.045%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0361%	1h	0.008886	+0.051%	$348K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0439%	1h	0.008858	−0.262%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0572%	1h	0.008877	−0.045%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.912%	$95K	$63K	50x	as long as short