Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0278%/8h= −30.5% APRpaid last 24h −0.044%

Price spread now: Variational Omni against Kraken Futures−0.262%7-day average −0.133% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.262%, 7d avg −0.133%

Together, before fees+0.044%+ Points / potential airdropVariational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Variational Omni is 0.129% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.133%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.024% in total (about -2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENGUUSD	0.009123	0.0378	pay 0.0047% / 1h	35m 32s	$351K	$2.7M	50x
Short	Variational Omni PENGU	0.009099	0.0100	get 0.0050% / 4h	3h 35m	$940K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.262%Rate

Funding earned: −$58.45
Price spread: −0.262% → −0.133%: −$12.94
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$81.39
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 Kraken Futures live order book, 3 min ago	3.84 bp	23.6 bp −$24	51.4 bp −$514	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.29 bp	doesn't fit	26.3 bp −$263	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
Gate PENGU_USDT	−0.0196%	4h	0.009090	−0.361%	$3.7M	$17.8M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009085	−0.413%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.660%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009121	−0.021%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009102	−0.229%	$331K	$756K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009096	−0.295%	$647K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009093	−0.328%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009101	−0.236%	$133K	$761K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009097	−0.284%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009095	−0.302%	$40.2M	$196.4M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009084	−0.427%	$24.6M	$46.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009084	−0.427%	$8.2M	$58.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009090	−0.361%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009090	−0.361%	$11.6M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009093	−0.328%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009095	−0.306%	$8.8M	$15.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009097	−0.284%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009105	−0.197%	$316K	$388K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.009099	−0.262%	$940K	$1.2M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009097	−0.284%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009132	+0.099%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009113	−0.109%	$23K	$325K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009318	+2.138%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009118	−0.054%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009126	+0.034%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009097	−0.280%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009114	−0.098%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009113	−0.112%	$308	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009131	+0.088%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009106	−0.186%	$208	$41	5x	as long as short
Kraken Futures PF_PENGUUSDlong	+0.0378%	1h	0.009123	long leg	$351K	$2.7M	50x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009111	−0.131%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.965%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2255%	1h	0.009100	−0.250%	$16K	$11K	5x	as long as short