Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.060%

Price spread now: Reya against Variational Omni+0.514%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Reya

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 · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.514% dearer against Variational Omni than usual: you sell high and buy low: +$51 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008701	0.0100	pay 0.0050% / 4h	1h 42m	$863K	$986K	—
Short	Reya PENGURUSDPERP	0.008746	0.0239	get 0.0030% / 1h	42m 35s	$295	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.514%Rate

Funding earned: $29.1
Price spread: +0.514% → 0.000%: $51.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $74.48
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 21 min ago; Reya: 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, 21 min ago	3.41 bp	doesn't fit	20.5 bp −$205	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
01 Exchange PENGUUSD	−0.0008%	1h	0.008744	+0.494%	$200	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008757	+0.644%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008753	+0.594%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0028%	4h	0.008750	+0.563%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.012%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008755	+0.621%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008756	+0.632%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008745	+0.512%	$588K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008750	+0.563%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008758	+0.657%	$131K	$575K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008752	+0.586%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008753	+0.603%	$36.7M	$159.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008749	+0.552%	$23.3M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008751	+0.575%	$7.5M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.563%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008750	+0.563%	$11.6M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008749	+0.552%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008754	+0.609%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008743	+0.483%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008758	+0.655%	$300K	$275K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008701	long leg	$863K	$986K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.146%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008710	+0.104%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008958	+2.954%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008758	+0.655%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008769	+0.782%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008747	+0.525%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008746	+0.517%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0200%	1h	0.008750	+0.562%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERPshort	+0.0239%	1h	0.008746	+0.514%	$295	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008749	+0.552%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008753	+0.598%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008767	+0.755%	$359K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+3.057%	$95K	$94K	50x	as long as short