Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against Variational Omni−0.345%48s7-day average +0.028% · you buy dearer than you sell

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

Long on Variational Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.461%+$46 · spread now −0.345%, 7d avg +0.028%

Together, before fees+0.465%+ Points / potential airdropVariational Omni: Active · farm board+$47 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: Orderly is 0.372% cheaper against Variational Omni than usual: you would sell low and buy high, −$37 on $10k if it goes back to its 7-day average of +0.028%. The two prices were read 48 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	0.008709	0.0100	pay 0.0050% / 4h	2h 15m	$799K	$714K	—
Short	Orderly PERP_PENGU_USDC	0.008679	0.0100	get 0.0050% / 4h	2h 15m	$23K	$186K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.345%Rate

Funding earned: $0
Price spread: −0.345% → +0.028%: −$37.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$43.25
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 9 min ago; Orderly: 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, 9 min ago	4.03 bp	doesn't fit	29.3 bp −$293	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0551%	1h	0.008681	−0.316%	$385K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008678	−0.356%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008675	−0.391%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.069%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0005%	1h	0.008675	−0.391%	$309K	$314K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008685	−0.278%	$11K	$4K	5x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008678	−0.356%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008681	−0.316%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0040%	4h	0.008668	−0.471%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008684	−0.287%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008681	−0.316%	$674K	$756K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008683	−0.299%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	−0.322%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	−0.287%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008678	−0.356%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008676	−0.379%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	−0.333%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008677	−0.368%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008678	−0.356%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008682	−0.310%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008676	−0.379%	—	$3.9M	—	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008709	long leg	$799K	$714K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	−0.306%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008689	−0.230%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008679	−0.345%	$23K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008887	+2.044%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	−0.379%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	−0.069%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008676	−0.375%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	−0.391%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008675	−0.388%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008685	−0.276%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008681	−0.322%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.218%	$94K	$97K	50x	as long as short