Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Hyperliquid−0.527%7-day average −0.067% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 3 days (all we have)+0.726%+$73 · spread now −0.527%, 7d avg −0.067%

Together, before fees+0.698%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$70 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: Variational Omni is 0.460% cheaper against Hyperliquid than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENGU	0.008773	0.0100	pay 0.0013% / 1h	52m 38s	$8.7M	$15.0M	5x
Short	Variational Omni PENGU	0.008727	0.0100	get 0.0050% / 4h	1h 52m	$805K	$726K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.527%Rate

Funding earned: $0
Price spread: −0.527% → −0.067%: −$45.97
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.97
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Variational Omni: RFQ quote, 31 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 Hyperliquid live order book, 10 min ago	0.58 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 31 min ago	4.03 bp	doesn't fit	28.2 bp −$282	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	−0.0608%	1h	0.008773	−0.005%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008766	−0.080%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008791	+0.205%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008769	−0.046%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008767	−0.065%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0014%	4h	0.008784	+0.125%	$22.8M	$36.0M	75x	as long as short
dYdX PENGU-USD	+0.0027%	1h	0.008768	−0.056%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.661%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0035%	1h	0.008786	+0.145%	$680K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008775	+0.023%	$300K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGUlong	+0.0100%	1h	0.008773	long leg	$8.7M	$15.0M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008779	+0.068%	$174K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	−0.011%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	+0.194%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008789	+0.182%	$7.8M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.080%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008772	−0.011%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008769	−0.046%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008780	+0.080%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008771	−0.023%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008761	−0.137%	$312K	$310K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.008727	−0.527%	$805K	$726K	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	−0.045%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.046%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008771	−0.023%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008977	+2.325%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008766	−0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008780	+0.080%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	+0.001%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.091%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	−0.114%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008769	−0.046%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008769	−0.046%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008788	+0.171%	$92K	$100K	50x	as long as short