Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Variational Omni+0.060%7-day average −0.016% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.545%−$55 · spread now +0.060%, 7d avg −0.016%

Together, before fees−0.549%+ Points / potential airdropVariational Omni: Active · farm board−$55 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: Bybit is 0.075% dearer against Variational Omni than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008738	0.0100	pay 0.0050% / 4h	1h 35m	$868K	$985K	—
Short	Bybit PENGUUSDT	0.008743	0.0100	get 0.0050% / 4h	1h 35m	$23.3M	$38.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0
Price spread: +0.060% → −0.016%: $7.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$3.48
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 29 min ago; Bybit: live order book, 4 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 Variational Omni RFQ quote, 29 min ago	3.41 bp	doesn't fit	20.5 bp −$205	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.57 bp	11.3 bp −$11	29.5 bp −$295	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008739	+0.014%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0014%	4h	0.008743	+0.060%	$3.3M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008748	+0.117%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008748	+0.115%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.586%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008751	+0.151%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008748	+0.117%	$23K	$166K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008748	+0.117%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008743	+0.064%	$121K	$577K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008732	−0.066%	$154K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008751	+0.155%	$36.6M	$160.0M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008743	+0.060%	$23.3M	$38.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008747	+0.105%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.025%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008749	+0.128%	$11.5M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008746	+0.094%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008750	+0.140%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008743	+0.060%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008747	+0.105%	$300K	$275K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008738	long leg	$868K	$985K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008720	−0.207%	$466K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008717	−0.238%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008741	+0.042%	$586K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008956	+2.497%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008747	+0.105%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008772	+0.391%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008744	+0.072%	$180K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008738	+0.002%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0189%	1h	0.008729	−0.103%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008742	+0.050%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008744	+0.071%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008747	+0.105%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0650%	1h	0.008750	+0.144%	$354K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.623%	$95K	$94K	50x	as long as short