Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.021%

Price spread now: Aevo against Variational Omni+0.230%7-day average +0.021% · you sell dearer than you buy

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

Long on Variational Omni Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.230%, 7d avg +0.021%

Together, before fees−0.076%+ Points / potential airdropVariational Omni: Active · farm board−$8 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: Aevo is 0.209% dearer against Variational Omni than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008701	0.0100	pay 0.0050% / 4h	1h 44m	$863K	$986K	—
Short	Aevo PENGU-PERP	0.008721	0.0104	get 0.0013% / 1h	44m 07s	$201K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Variational Omni. 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 Variational OmnibpFee AevobpOrdersPrice spread, now +0.230%Rate

Funding earned: $0.84
Price spread: +0.230% → +0.021%: $20.92
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: $5.76
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 20 min ago; Aevo: live order book, 20 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 Variational Omni RFQ quote, 20 min ago	3.41 bp	doesn't fit	20.5 bp −$205	doesn't fit	doesn't fit
Sell Aevo live order book, 20 min ago	11.36 bp	21.9 bp −$22	197.5 bp −$1,975	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	−0.0094%	1h	0.008728	+0.311%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008713	+0.138%	$199	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008723	+0.252%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0018%	4h	0.008729	+0.322%	$3.4M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.012%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008729	+0.322%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008725	+0.276%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	+0.190%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008731	+0.345%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008725	+0.281%	$131K	$574K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008715	+0.161%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008731	+0.345%	$36.6M	$159.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008734	+0.380%	$23.3M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	+0.426%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.219%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008730	+0.334%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008723	+0.253%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008734	+0.380%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008727	+0.299%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008727	+0.299%	$299K	$275K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008701	long leg	$863K	$986K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.146%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008708	+0.081%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008928	+2.609%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008725	+0.276%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	+0.483%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008726	+0.284%	$182K	$941K	10x	as long as short
Aevo PENGU-PERPshort	+0.0104%	1h	0.008721	+0.230%	$201K	—	3x
dYdX PENGU-USD	+0.0220%	1h	0.008713	+0.143%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008721	+0.232%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	+0.104%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008723	+0.253%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008730	+0.338%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+3.057%	$95K	$94K	50x	as long as short