Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Nado against Variational Omni+0.164%7-day average +0.033% · you sell dearer than you buy

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.164%, 7d avg +0.033%

Together, before fees−0.041%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board−$4 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: Nado is 0.132% dearer against Variational Omni than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008647	0.0100	pay 0.0050% / 4h	2h 07m	$799K	$726K	—
Short	Nado PENGU-PERP	0.008661	0.0100	get 0.0012% / 1h	7m 51s	$673K	$757K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now +0.164%Rate

Funding earned: $0
Price spread: +0.164% → +0.033%: $13.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $6.18
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 16 min ago; Nado: live order book, 15 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, 16 min ago	4.03 bp	doesn't fit	29.3 bp −$293	doesn't fit	doesn't fit
Sell Nado live order book, 15 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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	−0.0552%	1h	0.008666	+0.228%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008663	+0.188%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0284%	4h	0.008658	+0.130%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.789%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0058%	1h	0.008657	+0.118%	$309K	$314K	10x	as long as short
Bybit PENGUUSDT	−0.0015%	4h	0.008656	+0.107%	$22.5M	$36.0M	75x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008661	+0.164%	$198	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	+0.205%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0015%	1h	0.008674	+0.313%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008658	+0.130%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERPshort	+0.0100%	1h	0.008661	+0.164%	$673K	$757K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008664	+0.199%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008666	+0.217%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008664	+0.199%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008663	+0.188%	$35.8M	$151.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	+0.153%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.153%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008661	+0.164%	$12.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008665	+0.211%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	+0.234%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008659	+0.141%	—	$3.9M	—	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008647	long leg	$799K	$726K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008679	+0.373%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.349%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008663	+0.188%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	+2.593%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008656	+0.107%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008682	+0.407%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008660	+0.151%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008658	+0.130%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008658	+0.134%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008676	+0.338%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008664	+0.199%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.604%	$93K	$97K	50x	as long as short