Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h +0.097%

Price spread now: Injective against Variational Omni−0.528%106s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

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

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Injective is 0.528% cheaper against Variational Omni than usual: you would sell low and buy high (−$53 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008679	0.0100	pay 0.0050% / 4h	3h 09m	$798K	$708K	—
Short	Injective PENGU/USDC PERP	0.008633	−0.0151	pay 0.0019% / 1h	9m 37s	$33K	$66K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.528%Rate

Funding earned: −$52.75
Price spread: −0.528% → 0.000%: −$52.78
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$105.55
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 19 min ago; Injective: 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, 19 min ago	3.95 bp	doesn't fit	25.4 bp −$254	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0270%	1h	0.008738	+0.679%	$386K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008719	+0.463%	$3.5M	$15.3M	75x	as long as short
Injective PENGU/USDC PERPshort	−0.0151%	1h	0.008633	−0.528%	$33K	$66K	5.5x
Bybit PENGUUSDT	−0.0131%	4h	0.008719	+0.463%	$22.9M	$35.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008738	+0.682%	$21K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0040%	1h	0.008722	+0.498%	$200	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008725	+0.532%	$12K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008740	+0.708%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008722	+0.498%	$290K	$713K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008721	+0.486%	$677K	$762K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008726	+0.544%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008732	+0.613%	$172K	$447K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008726	+0.544%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008723	+0.509%	$36.4M	$150.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008722	+0.498%	$7.9M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.475%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008729	+0.578%	$12.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008727	+0.555%	$4.9M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008727	+0.555%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008724	+0.521%	—	$4.0M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008733	+0.624%	$312K	$320K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008679	long leg	$798K	$708K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008724	+0.516%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008634	−0.516%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	+0.717%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008938	+2.987%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008732	+0.613%	$989	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	+0.728%	$94K	$245K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008720	+0.473%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008737	+0.671%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008729	+0.578%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008702	+0.267%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008742	+0.728%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.3264%	1h	0.008903	+2.583%	$94K	$97K	50x	as long as short