Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0572%/8h= +62.7% APRpaid last 24h +0.027%

Price spread now: Kraken Futures against Variational Omni+0.149%7-day average +0.136% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now +0.149%, 7d avg +0.136%

Together, before fees+0.099%+ Points / potential airdropVariational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.136%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.014% in total (about 1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.009060	0.0100	pay 0.0050% / 4h	1h 39m	$926K	$1.1M	—
Short	Kraken Futures PF_PENGUUSD	0.009073	0.0672	get 0.0084% / 1h	39m 04s	$333K	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.149%Rate

Funding earned: $120.22
Price spread: +0.149% → +0.136%: $1.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $111.6
Costs to cover: 0.100%
Break-even: 0.5 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	3.86 bp	doesn't fit	25.9 bp −$259	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	4.95 bp	19.6 bp −$20	41.3 bp −$413	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009054	−0.067%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.990%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009072	+0.133%	$325K	$767K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009055	−0.049%	$636K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009069	+0.105%	$130K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009052	−0.087%	$137K	$295K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009070	+0.110%	$39.9M	$188.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009057	−0.032%	$24.0M	$44.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009064	+0.045%	$8.0M	$54.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009060	+0.001%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009056	−0.043%	$3.5M	$17.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009066	+0.067%	$11.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009064	+0.045%	$5.1M	$10.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009072	+0.133%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009054	−0.065%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009059	−0.010%	$312K	$362K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.009060	long leg	$926K	$1.1M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009057	−0.032%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009074	+0.155%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009057	−0.032%	$23K	$212K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009284	+2.473%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009061	+0.012%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009072	+0.133%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009064	+0.042%	$188K	$782K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009057	−0.032%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0192%	1h	0.009063	+0.034%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009058	−0.019%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009070	+0.111%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0360%	1h	0.009062	+0.023%	$207	$64	5x	as long as short
Hyperliquid PENGU	+0.0441%	1h	0.009072	+0.133%	$9.3M	$16.1M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009060	+0.001%	$107K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0672%	1h	0.009073	+0.149%	$333K	$2.5M	50x
dYdX PENGU-USD	+0.0803%	1h	0.009048	−0.126%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+1.005%	$81K	$69K	50x	as long as short