Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0718%/8h= +78.6% APRpaid last 24h +0.125%

Price spread now: GMX against Variational Omni+0.477%7-day average +0.095% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.264%+$26 on $10k

Price spread, last 3 days (all we have)−0.367%−$37 · spread now +0.477%, 7d avg +0.095%

Together, before fees−0.103%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and GMX is 0.383% dearer against Variational Omni than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008770	−0.0010	get 0.0005% / 4h	2h 31m	$872K	$1.0M	—
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008812	L +0.0513% / S −0.0708%	get 0.0089% / 1h	31m 51s	$115K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.477%Rate

Funding earned: $150.75
Price spread: +0.477% → +0.095%: $38.26
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $177.01
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; GMX: 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, 2 min ago	3.98 bp	doesn't fit	23.3 bp −$233	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 33 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
Variational Omni PENGUlong	−0.0010%	4h	0.008770	long leg	$872K	$1.0M	—
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	+0.477%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	+0.446%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008801	+0.352%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.215%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008813	+0.489%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	+0.386%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	+0.454%	$19K	$168K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	+0.534%	$594K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008803	+0.375%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008804	+0.387%	$143K	$506K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.386%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008800	+0.341%	$37.6M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008791	+0.238%	$22.9M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008800	+0.340%	$7.5M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.454%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008804	+0.386%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	+0.409%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008804	+0.386%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008795	+0.283%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008803	+0.375%	$302K	$313K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008804	+0.386%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.363%	$80K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009025	+2.906%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008809	+0.443%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008823	+0.603%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008799	+0.328%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	+0.386%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	+0.541%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	+0.506%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0239%	1h	0.008803	+0.370%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0513% / S −0.0708%	1h	0.008812	+0.477%	$115K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.245%	$95K	$100K	50x	as long as short