Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0406%/8h= +44.5% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against Variational Omni+0.592%7-day average +0.070% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.682%−$68 · spread now +0.592%, 7d avg +0.070%

Together, before fees−0.652%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.522% dearer against Variational Omni than usual: you sell high and buy low: +$52 more if the spread goes back to its 7-day average of +0.070%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.030% in total (about 3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008729	−0.0306	get 0.0153% / 4h	2m 57s	$863K	$927K	—
Short	Hyperliquid PENGU	0.008781	0.0100	get 0.0013% / 1h	2m 57s	$8.4M	$15.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.592%Rate

Funding earned: $85.26
Price spread: +0.592% → +0.070%: $52.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $128.49
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 11 min ago; Hyperliquid: live order book, 10 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, 11 min ago	4.01 bp	doesn't fit	21.2 bp −$212	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.57 bp	7.1 bp −$7	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0341%	1h	0.008791	+0.705%	$369K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0311%	4h	0.008777	+0.546%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGUlong	−0.0306%	4h	0.008729	long leg	$863K	$927K	—
Gate PENGU_USDT	−0.0300%	4h	0.008779	+0.569%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	+0.546%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0152%	1h	0.008778	+0.558%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.684%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008775	+0.529%	$697K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008780	+0.581%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008781	+0.586%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008782	+0.601%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0090%	4h	0.008762	+0.374%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008783	+0.615%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0099%	4h	0.008783	+0.615%	$7.6M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	+0.592%	$23K	$186K	20x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008781	+0.592%	$8.4M	$15.3M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008786	+0.644%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	+0.523%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008783	+0.615%	$36.5M	$155.3M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.581%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	+0.603%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.581%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	+0.638%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	+0.592%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008762	+0.374%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008986	+2.940%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008779	+0.569%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008784	+0.626%	$90K	$284K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008779	+0.567%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	+0.523%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008775	+0.522%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008780	+0.581%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0683%	1h	0.008779	+0.569%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008799	+0.798%	$94K	$104K	50x	as long as short