Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.002%

Price spread now: 01 Exchange against Variational Omni−0.096%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 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 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 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and 01 Exchange is 0.096% cheaper against Variational Omni than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008789	−0.0017	get 0.0009% / 4h	1h 18m	$803K	$802K	—
Short	01 Exchange PENGUUSD	0.008781	−0.0080	pay 0.0010% / 1h	18m 33s	$201	$59	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.096%Rate

Funding earned: −$13.17
Price spread: −0.096% → 0.000%: −$9.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$29.73
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; 01 Exchange: 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, 1 min ago	3.98 bp	doesn't fit	19.9 bp −$199	doesn't fit	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

01 Exchange: 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 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	−0.0606%	1h	0.008798	+0.098%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0290%	4h	0.008789	−0.005%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008788	−0.016%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0157%	4h	0.008786	−0.039%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSDshort	−0.0080%	1h	0.008781	−0.096%	$201	$59	5x
Variational Omni PENGUlong	−0.0017%	4h	0.008789	long leg	$803K	$802K	—
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008796	+0.080%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.005%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0090%	1h	0.008788	−0.016%	$684K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008793	+0.041%	$308K	$736K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008796	+0.075%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.084%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008792	+0.030%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008792	+0.030%	$36.5M	$153.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008791	+0.018%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.007%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008788	−0.016%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008792	+0.030%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008796	+0.075%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008787	−0.027%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008787	−0.027%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008792	+0.028%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008803	+0.155%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008789	−0.005%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009000	+2.396%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008785	−0.050%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008807	+0.200%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008784	−0.058%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008785	−0.050%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0125%	1h	0.008791	+0.021%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008789	−0.004%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008784	−0.061%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008797	+0.086%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.770%	$95K	$105K	50x	as long as short