Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Variational Omni−0.442%7-day average +0.076% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 3 days (all we have)+0.141%+$14 · spread now −0.442%, 7d avg +0.076%

Together, before fees+0.152%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.519% cheaper against Variational Omni than usual: you would sell low and buy high, −$52 on $10k if it goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008738	0.0100	pay 0.0050% / 4h	2h 58m	$802K	$708K	—
Short	Lighter PENGU	0.008699	0.0096	get 0.0012% / 1h	58m 25s	$294K	$718K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now −0.442%Rate

Funding earned: −$0.84
Price spread: −0.442% → +0.076%: −$51.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$52.7
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 30 min ago; Lighter: live order book, 26 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, 30 min ago	3.95 bp	doesn't fit	25.4 bp −$254	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	4.58 bp	8.1 bp −$8	68.0 bp −$680	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
Backpack PENGU_USDC_PERP	−0.0592%	1h	0.008700	−0.431%	$311K	$324K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0549%	1h	0.008714	−0.270%	$385K	$2.2M	50x	as long as short
Bybit PENGUUSDT	−0.0351%	4h	0.008687	−0.579%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0316%	4h	0.008689	−0.557%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008710	−0.316%	$21K	$8K	10x	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008696	−0.476%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−0.259%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008702	−0.413%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	−0.504%	$33K	—	150x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008699	−0.442%	$294K	$718K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008701	−0.419%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008702	−0.405%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008700	−0.431%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008696	−0.480%	$36.0M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008693	−0.511%	$7.7M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	−0.431%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008696	−0.476%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008695	−0.488%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008700	−0.431%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008688	−0.568%	—	$2.3M	—	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008738	long leg	$802K	$708K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	−0.259%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	−0.225%	$79K	$254K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008693	−0.505%	$675K	$766K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008710	−0.316%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008927	+2.167%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008706	−0.362%	$987	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	+0.050%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008696	−0.482%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008706	−0.362%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008692	−0.525%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008711	−0.305%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008711	−0.305%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+1.893%	$94K	$97K	50x	as long as short