Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h +0.303%

Price spread now: dYdX against Variational Omni+0.555%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and dYdX is 0.555% dearer against Variational Omni than usual: you sell high and buy low: +$55 more if the spread 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	Variational Omni PENGU	0.008962	0.0100	pay 0.0050% / 4h	53m 09s	$913K	$1.1M	—
Short	dYdX PENGU-USD	0.009012	0.0382	get 0.0048% / 1h	53m 09s	$12K	$6K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.555%Rate

Funding earned: $59.25
Price spread: +0.555% → 0.000%: $55.47
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $104.73
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; dYdX: 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, 1 min ago	3.89 bp	doesn't fit	28.3 bp −$283	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009003	+0.459%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	+0.402%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.929%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	+0.303%	$79K	$252K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009010	+0.537%	$323K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009009	+0.532%	$635K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009013	+0.571%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009010	+0.540%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009011	+0.549%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009007	+0.498%	$39.2M	$190.7M	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	0.009002	+0.448%	$24.1M	$44.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009006	+0.493%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009020	+0.649%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008995	+0.370%	$3.6M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009002	+0.448%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009001	+0.437%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009007	+0.504%	$8.6M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008999	+0.415%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009002	+0.448%	$292K	$369K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008962	long leg	$913K	$1.1M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.697%	$473K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008999	+0.415%	$23K	$256K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.858%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	+0.437%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009013	+0.571%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008996	+0.382%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	+0.392%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009001	+0.438%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009024	+0.694%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	+0.515%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USDshort	+0.0382%	1h	0.009012	+0.555%	$12K	$6K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0352%	1h	0.008994	+0.359%	$103K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	+0.492%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.932%	$80K	$70K	50x	as long as short