Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0309%/8h= +33.8% APRpaid last 24h +0.055%

Price spread now: Variational Omni against Deribit−0.514%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

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

Funding pays, the price is against you. Variational Omni is 0.514% cheaper against Deribit than usual: you would sell low and buy high (spread −0.514% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$51 on $10k: about 5.5 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008719	−0.0209	get 0.0026% / 1h	21m 18s	$19K	$9K	10x
Short	Variational Omni PENGU	0.008674	0.0100	get 0.0050% / 4h	2h 21m	$794K	$714K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.514%Rate

Funding earned: $64.89
Price spread: −0.514% → 0.000%: −$51.39
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $6.5
Costs to cover: 0.070%
Break-even: 6.3 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 3 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	4.03 bp	doesn't fit	28.2 bp −$282	doesn't fit	doesn't fit

Deribit: 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	−0.0548%	1h	0.008725	+0.070%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0270%	4h	0.008714	−0.057%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0209%	1h	0.008719	long leg	$19K	$9K	10x
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−0.046%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008717	−0.025%	$12K	$4K	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008710	−0.103%	$22.6M	$35.9M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008719	0.000%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008721	+0.023%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0017%	1h	0.008716	−0.034%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008721	+0.023%	$299K	$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-PERP	+0.0100%	1h	0.008716	−0.029%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008717	−0.023%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008723	+0.047%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008721	+0.023%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008716	−0.034%	$36.1M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008717	−0.023%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008711	−0.092%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008721	+0.023%	$4.8M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008720	+0.011%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008712	−0.080%	—	$3.9M	—	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008674	−0.514%	$794K	$714K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	−0.206%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008702	−0.195%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008720	+0.011%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008927	+2.386%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008716	−0.034%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008740	+0.241%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008715	−0.046%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008716	−0.034%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008708	−0.126%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008705	−0.161%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008720	+0.011%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008722	+0.034%	$93K	$96K	50x	as long as short