Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.035%

Price spread now: Variational Omni against Deribit−0.139%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.139% cheaper against Deribit than usual: you would sell low and buy high, −$14 on $10k if it 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	Deribit PENGU_USDC-PERPETUAL	0.008736	0.0094	pay 0.0012% / 1h	40m 39s	$18K	$10K	10x
Short	Variational Omni PENGU	0.008724	0.0100	get 0.0050% / 4h	40m 39s	$866K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.139%Rate

Funding earned: $1.26
Price spread: −0.139% → 0.000%: −$13.87
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.61
Costs to cover: 0.070%
Break-even: 115.9 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 18 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 18 min ago	3.44 bp	doesn't fit	22.9 bp −$229	doesn't fit	doesn't fit

Deribit: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008731	−0.060%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008762	+0.298%	$200	$64	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.607%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0034%	4h	0.008750	+0.160%	$3.3M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUALlong	+0.0094%	1h	0.008736	long leg	$18K	$10K	10x
Lighter PENGU	+0.0096%	1h	0.008751	+0.172%	$311K	$716K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008735	−0.011%	$23K	$125K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008721	−0.172%	$584K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008752	+0.183%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008751	+0.177%	$121K	$579K	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	0.008750	+0.160%	$154K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008750	+0.160%	$36.4M	$161.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008751	+0.172%	$23.1M	$39.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008753	+0.195%	$7.3M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	+0.275%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008750	+0.160%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008751	+0.172%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008752	+0.183%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008749	+0.149%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008736	0.000%	$290K	$314K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008724	−0.139%	$866K	$985K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008698	−0.435%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008692	−0.504%	$79K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008938	+2.312%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008734	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008739	+0.034%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008750	+0.160%	$180K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−0.126%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008721	−0.173%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008732	−0.046%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008740	+0.049%	$341K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0393%	1h	0.008745	+0.105%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0419%	1h	0.008727	−0.103%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008732	−0.046%	$93K	$60K	50x	as long as short