Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Nado against Variational Omni−0.458%7-day average +0.036% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 4 days (all we have)+0.703%+$70 · spread now −0.458%, 7d avg +0.036%

Together, before fees+0.668%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board+$67 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: Nado is 0.494% cheaper against Variational Omni than usual: you would sell low and buy high, −$49 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008747	0.0100	pay 0.0050% / 4h	52m 34s	$870K	$985K	—
Short	Nado PENGU-PERP	0.008707	0.0100	get 0.0012% / 1h	52m 34s	$583K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.458%Rate

Funding earned: $0
Price spread: −0.458% → +0.036%: −$49.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$56.43
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 7 min ago; Nado: live order book, 1 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, 7 min ago	3.44 bp	doesn't fit	20.6 bp −$206	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	1.14 bp	7.7 bp −$8	50.4 bp −$504	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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	−0.115%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008742	−0.058%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.059%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008733	−0.161%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.480%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008704	−0.492%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008720	−0.309%	$310K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008743	−0.046%	$23K	$132K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008707	−0.458%	$583K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008734	−0.149%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008736	−0.122%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008722	−0.286%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008711	−0.412%	$36.3M	$161.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008707	−0.458%	$23.1M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008709	−0.435%	$7.2M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.424%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008711	−0.412%	$11.1M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008716	−0.355%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008709	−0.435%	$8.2M	$12.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008715	−0.366%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008740	−0.081%	$298K	$295K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008747	long leg	$870K	$985K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.112%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008944	+2.252%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	−0.069%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	−0.058%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008702	−0.513%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008734	−0.149%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008709	−0.438%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	−0.126%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008751	+0.045%	$342K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0451%	1h	0.008725	−0.258%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008743	−0.046%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.514%	$95K	$61K	50x	as long as short