Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0335%/8h= −36.6% APRpaid last 24h −0.375%

Price spread now: Variational Omni against dYdX+0.151%7-day average — · you sell dearer than you buy

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

Long on dYdX 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

The price spread pays, funding is against you. Variational Omni is 0.151% dearer against dYdX than usual: you sell high and buy low (spread +0.151% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.008827	0.0085	pay 0.0011% / 1h	34m 23s	$12K	$4K	5x
Short	Variational Omni PENGU	0.008840	−0.0249	pay 0.0125% / 4h	3h 34m	$874K	$931K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now +0.151%Rate

Funding earned: −$70.25
Price spread: +0.151% → 0.000%: $15.11
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$65.14
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, 40 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 dYdX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 40 min ago	4.01 bp	doesn't fit	22.4 bp −$224	doesn't fit	doesn't fit

dYdX: 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	−0.0392%	1h	0.008831	+0.048%	$368K	$2.3M	50x	as long as short
Variational Omni PENGUshort	−0.0249%	4h	0.008840	+0.151%	$874K	$931K	—
01 Exchange PENGUUSD	−0.0232%	1h	0.008823	−0.043%	$202	$59	5x	as long as short
Gate PENGU_USDT	−0.0224%	4h	0.008824	−0.032%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	−0.032%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008827	+0.002%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.428%	$3K	$117K	5.5x	as long as short
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.367%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0079%	1h	0.008826	−0.009%	$699K	$769K	5x	as long as short
dYdX PENGU-USDlong	+0.0085%	1h	0.008827	long leg	$12K	$4K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008829	+0.025%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	+0.002%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008824	−0.032%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	+0.106%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008826	−0.009%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008825	−0.022%	$36.9M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008821	−0.066%	$23.2M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008820	−0.077%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.077%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008825	−0.020%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008828	+0.014%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008828	+0.014%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008825	−0.020%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008824	−0.032%	$307K	$317K	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	+0.002%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009033	+2.336%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008821	−0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.399%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	−0.058%	$182K	$924K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.134%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.090%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008829	+0.025%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008827	+0.002%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.410%	$94K	$103K	50x	as long as short