Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Nado+0.192%7-day average −0.038% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.326%−$33 · spread now +0.192%, 7d avg −0.038%

Together, before fees−0.291%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$29 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: Variational Omni is 0.230% dearer against Nado than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.009061	0.0100	pay 0.0012% / 1h	3m 38s	$639K	$1.1M	5x
Short	Variational Omni PENGU	0.009079	0.0100	get 0.0050% / 4h	1h 03m	$925K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.192%Rate

Funding earned: $0
Price spread: +0.192% → −0.038%: $23.04
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $16.04
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 Nado live order book, 5 min ago	2.21 bp	8.8 bp −$9	22.1 bp −$221	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	3.86 bp	doesn't fit	23.7 bp −$237	doesn't fit	doesn't fit

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	0.009052	−0.106%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.007%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0081%	1h	0.009057	−0.050%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009066	+0.050%	$325K	$772K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009061	long leg	$639K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009070	+0.090%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009061	−0.006%	$137K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009064	+0.025%	$39.5M	$189.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009054	−0.083%	$24.3M	$44.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009057	−0.050%	$8.0M	$54.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009070	+0.094%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009057	−0.050%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009064	+0.028%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009061	−0.006%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009065	+0.039%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009061	−0.006%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009055	−0.072%	$296K	$368K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.009079	+0.192%	$925K	$1.1M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009066	+0.050%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009071	+0.105%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009054	−0.083%	$23K	$245K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009276	+2.367%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009055	−0.072%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009079	+0.193%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009061	−0.006%	$186K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009048	−0.149%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0184%	1h	0.009068	+0.072%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009054	−0.078%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0320%	1h	0.009067	+0.061%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009076	+0.160%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009052	−0.105%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0549%	1h	0.009059	−0.026%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009061	−0.010%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.811%	$80K	$70K	50x	as long as short