Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0513%/8h= +56.2% APRpaid last 24h +0.018%

Price spread now: Kraken Futures against Variational Omni+0.299%7-day average +0.136% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.299%, 7d avg +0.136%

Together, before fees−0.042%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Kraken Futures is 0.162% dearer against Variational Omni than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.136%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.002% in total (about 0.2% 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	0.008894	0.0100	pay 0.0050% / 4h	3h 24m	$928K	$1.0M	—
Short	Kraken Futures PF_PENGUUSD	0.008920	0.0613	get 0.0077% / 1h	24m 06s	$349K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.299%Rate

Funding earned: $107.83
Price spread: +0.299% → +0.136%: $16.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $114.07
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	3.91 bp	doesn't fit	26.3 bp −$263	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	8.94 bp	16.9 bp −$17	48.5 bp −$485	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008912	+0.204%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008913	+0.211%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008924	+0.339%	$3.3M	$16.4M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.179%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008900	+0.065%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008922	+0.316%	$204	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008921	+0.305%	$325K	$752K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008920	+0.288%	$598K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008938	+0.496%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008915	+0.237%	$137K	$643K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008904	+0.114%	$136K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008919	+0.283%	$38.1M	$172.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008912	+0.204%	$23.7M	$41.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008921	+0.305%	$7.7M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008920	+0.294%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008920	+0.294%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008913	+0.215%	$5.0M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008931	+0.418%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008916	+0.249%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008923	+0.328%	$298K	$328K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008894	long leg	$928K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008959	+0.736%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008939	+0.508%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008912	+0.204%	$24K	$105K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009122	+2.565%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008914	+0.227%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008931	+0.418%	$92K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008906	+0.131%	$185K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008901	+0.080%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008909	+0.165%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008908	+0.159%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008909	+0.170%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSDshort	+0.0613%	1h	0.008920	+0.299%	$349K	$2.4M	50x
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008940	+0.519%	$94K	$62K	50x	as long as short