Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Pacifica−0.030%7-day average −0.045% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.178%+$18 · spread now −0.030%, 7d avg −0.045%

Together, before fees+0.160%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008792	0.0100	pay 0.0013% / 1h	15m 29s	$152K	$239K	5x
Short	Variational Omni PENGU	0.008789	−0.0017	pay 0.0009% / 4h	1h 15m	$803K	$802K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.030%Rate

Funding earned: −$24.63
Price spread: −0.030% → −0.045%: $1.54
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$31.08
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 Pacifica live order book, 3 min ago	2.84 bp	10.7 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.98 bp	doesn't fit	23.3 bp −$233	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	−0.0606%	1h	0.008799	+0.083%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0292%	4h	0.008793	+0.011%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008797	+0.057%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0169%	4h	0.008792	0.000%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008787	−0.057%	$201	$59	5x	as long as short
Variational Omni PENGUshort	−0.0017%	4h	0.008789	−0.030%	$803K	$802K	—
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008800	+0.094%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.034%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0079%	1h	0.008789	−0.034%	$684K	$760K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008791	−0.011%	$308K	$736K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008799	+0.080%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008799	+0.075%	$189K	$466K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008792	long leg	$152K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008795	+0.034%	$36.5M	$153.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008794	+0.023%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008793	+0.011%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008798	+0.068%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008796	+0.045%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008791	−0.011%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008788	−0.045%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.091%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.045%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008797	+0.057%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.480%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008790	−0.023%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008811	+0.216%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008789	−0.038%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008792	0.000%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0125%	1h	0.008798	+0.072%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	+0.005%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008785	−0.080%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008801	+0.102%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.740%	$95K	$105K	50x	as long as short