Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Variational Omni against SoDEX−0.204%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.204% cheaper against SoDEX than usual: you would sell low and buy high, −$20 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PENGU-USD	0.008762	0.0100	pay 0.0013% / 1h	37m 35s	$1K	$5K	5x
Short	Variational Omni PENGU	0.008744	0.0100	get 0.0050% / 4h	2h 37m	$913K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now −0.204%Rate

Funding earned: $0
Price spread: −0.204% → 0.000%: −$20.38
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.38
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.01 bp	doesn't fit	28.1 bp −$281	doesn't fit	doesn't fit

SoDEX: 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	0.008753	−0.103%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.308%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008776	+0.160%	$318K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008769	+0.086%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008779	+0.194%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008777	+0.168%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008774	+0.137%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008775	+0.149%	$37.0M	$176.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008768	+0.068%	$23.3M	$41.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008770	+0.091%	$7.5M	$50.4M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.205%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008769	+0.080%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008775	+0.148%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008768	+0.068%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008778	+0.183%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008772	+0.114%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	+0.034%	$289K	$339K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008744	−0.204%	$913K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.188%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008742	−0.228%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008758	−0.046%	$23K	$156K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008972	+2.397%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USDlong	+0.0100%	1h	0.008762	long leg	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008775	+0.148%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008772	+0.116%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008759	−0.034%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0167%	1h	0.008771	+0.099%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008773	+0.126%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0207%	1h	0.008764	+0.023%	$17K	$12K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008761	−0.013%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008772	+0.117%	$321K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008735	−0.308%	$1.5M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0413%	1h	0.008751	−0.126%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008762	0.000%	$77K	$75K	50x	as long as short