Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h +0.125%

Price spread now: GMX against Variational Omni−0.034%50s7-day average +0.095% · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.264%+$26 on $10k

Price spread, last 3 days (all we have)+0.144%+$14 · spread now −0.034%, 7d avg +0.095%

Together, before fees+0.408%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.128% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of +0.095%). If the spread goes back, that is −$13 on $10k: about 21 hours of funding at the current rate (+$14 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008813	0.0100	pay 0.0050% / 4h	2h 01m	$876K	$987K	—
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008810	L +0.0513% / S −0.0582%	get 0.0073% / 1h	1m 32s	$120K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.034%Rate

Funding earned: $101.21
Price spread: −0.034% → +0.095%: −$12.83
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $76.38
Costs to cover: 0.120%
Break-even: 1.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; GMX: 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, 3 min ago	3.41 bp	doesn't fit	20.5 bp −$205	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 33 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008808	−0.056%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−0.045%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.272%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0090%	4h	0.008787	−0.295%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	−0.170%	$312K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008791	−0.249%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−0.034%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.124%	$593K	$987K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008800	−0.147%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008803	−0.112%	$138K	$520K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008793	−0.226%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008792	−0.235%	$37.4M	$157.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008786	−0.306%	$23.1M	$38.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008789	−0.272%	$7.5M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.260%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008790	−0.260%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008804	−0.102%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008791	−0.249%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	−0.283%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	−0.090%	$302K	$286K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008813	long leg	$876K	$987K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	−0.170%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.125%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009014	+2.281%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008808	−0.056%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.023%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008787	−0.296%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008800	−0.147%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008815	+0.026%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008806	−0.082%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0327%	1h	0.008791	−0.246%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0513% / S −0.0582%	1h	0.008810	−0.034%	$120K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.748%	$95K	$94K	50x	as long as short