Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h +0.001%

Price spread now: 01 Exchange against Variational Omni−0.063%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on 01 Exchange

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 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and 01 Exchange is 0.063% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008745	−0.0189	get 0.0095% / 4h	32m 00s	$799K	$802K	—
Short	01 Exchange PENGUUSD	0.008740	−0.0232	pay 0.0029% / 1h	32m 00s	$200	$59	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.063%Rate

Funding earned: −$9
Price spread: −0.063% → 0.000%: −$6.28
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$22.28
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 47 min ago; 01 Exchange: 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, 47 min ago	3.98 bp	doesn't fit	19.9 bp −$199	doesn't fit	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

01 Exchange: 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	−0.0342%	1h	0.008751	+0.059%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008745	−0.006%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0253%	4h	0.008740	−0.063%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSDshort	−0.0232%	1h	0.008740	−0.063%	$200	$59	5x
Variational Omni PENGUlong	−0.0189%	4h	0.008745	long leg	$799K	$802K	—
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.497%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0112%	1h	0.008744	−0.017%	$312K	$313K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008746	+0.006%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0006%	1h	0.008745	0.000%	$694K	$774K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008749	+0.044%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0029%	1h	0.008750	+0.055%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008746	+0.006%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008748	+0.029%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008745	−0.006%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008751	+0.067%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008746	+0.006%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008746	+0.006%	$36.2M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008744	−0.017%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.052%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	−0.017%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008746	+0.006%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008749	+0.040%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008744	−0.017%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.080%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008740	−0.063%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.441%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.029%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.154%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008743	−0.034%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	−0.063%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008743	−0.033%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008751	+0.063%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008748	+0.029%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.486%	$94K	$103K	50x	as long as short