Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0426%/8h= −46.6% APRpaid last 24h −0.055%

Price spread now: Deribit against Variational Omni+0.045%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.045% dearer against Variational Omni than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008675	0.0100	pay 0.0050% / 4h	2h 14m	$797K	$715K	—
Short	Deribit PENGU_USDC-PERPETUAL	0.008679	−0.0326	pay 0.0041% / 1h	14m 34s	$19K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$89.46
Price spread: +0.045% → 0.000%: $4.48
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$91.98
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 9 min ago; Deribit: no order-book sample. 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, 9 min ago	4.03 bp	doesn't fit	29.3 bp −$293	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_PENGUUSD	−0.0551%	1h	0.008684	+0.102%	$385K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUALshort	−0.0326%	1h	0.008679	+0.045%	$19K	$9K	10x
Gate PENGU_USDT	−0.0258%	4h	0.008677	+0.022%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.460%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0014%	1h	0.008677	+0.022%	$309K	$314K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008685	+0.112%	$11K	$4K	5x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008684	+0.102%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008681	+0.073%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0047%	4h	0.008672	−0.036%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008684	+0.102%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008679	+0.048%	$674K	$756K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008686	+0.126%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008688	+0.143%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	+0.102%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008682	+0.075%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008678	+0.033%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	+0.056%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008682	+0.079%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008683	+0.091%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008686	+0.126%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008666	−0.105%	—	$2.3M	—	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008675	long leg	$797K	$715K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.083%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008689	+0.160%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008680	+0.056%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008889	+2.466%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008677	+0.022%	$991	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	+0.264%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008678	+0.030%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	−0.001%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008675	+0.001%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008671	−0.047%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008681	+0.068%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.610%	$94K	$97K	50x	as long as short