Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.061%

Price spread now: Reya against Variational Omni−0.080%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.080% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 45 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.009073	0.0100	pay 0.0050% / 4h	1h 52m	$917K	$1.2M	—
Short	Reya PENGURUSDPERP	0.009066	0.0241	get 0.0030% / 1h	52m 46s	$306	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.080%Rate

Funding earned: $29.65
Price spread: −0.080% → 0.000%: −$7.96
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $15.69
Costs to cover: 0.060%
Break-even: 3.3 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Reya: 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, 4 min ago	3.86 bp	doesn't fit	27.0 bp −$270	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 34 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.009068	−0.055%	$20K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009073	−0.002%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009067	−0.069%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.132%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0064%	1h	0.009075	+0.015%	$332K	$2.6M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009072	−0.013%	$325K	$699K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009061	−0.129%	$650K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009066	−0.084%	$135K	$774K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009066	−0.079%	$137K	$225K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009063	−0.112%	$39.9M	$192.4M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009054	−0.211%	$24.6M	$46.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009057	−0.178%	$8.4M	$56.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009070	−0.035%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009059	−0.156%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009064	−0.101%	$12.2M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009065	−0.090%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009066	−0.079%	$8.7M	$14.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009061	−0.134%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009067	−0.068%	$302K	$366K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.009073	long leg	$917K	$1.2M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009084	+0.122%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009079	+0.064%	$82K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009070	−0.035%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009285	+2.335%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009071	−0.024%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009082	+0.097%	$93K	$368K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009059	−0.156%	$185K	$740K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009070	−0.035%	$210K	—	3x	as long as short
Hyperliquid PENGU	+0.0155%	1h	0.009073	−0.002%	$9.7M	$17.0M	5x	as long as short
Reya PENGURUSDPERPshort	+0.0241%	1h	0.009066	−0.080%	$306	—	10x
01 Exchange PENGUUSD	+0.0296%	1h	0.009071	−0.024%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009072	−0.013%	$1.6M	$5.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0357%	1h	0.009066	−0.079%	$105K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.009222	+1.640%	$84K	$95K	50x	as long as short