Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.017%

Price spread now: Variational Omni against Nado+0.246%7-day average −0.037% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.706%−$71 · spread now +0.246%, 7d avg −0.037%

Together, before fees−0.670%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.283% dearer against Nado than usual: you sell high and buy low (spread +0.246% now, against its 7-day average of −0.037%): +$28 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008782	0.0100	pay 0.0012% / 1h	19m 49s	$591K	$990K	5x
Short	Variational Omni PENGU	0.008804	0.0060	get 0.0030% / 4h	2h 19m	$876K	$999K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.246%Rate

Funding earned: −$8.3
Price spread: +0.246% → −0.037%: $28.34
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $13.05
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 48 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 Nado live order book, 48 min ago	1.12 bp	9.2 bp −$9	26.3 bp −$263	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.40 bp	doesn't fit	21.6 bp −$216	doesn't fit	doesn't fit

PENGU on 33 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008788	+0.065%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	+0.045%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.077%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0052%	4h	0.008795	+0.145%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGUshort	+0.0060%	4h	0.008804	+0.246%	$876K	$999K	—
01 Exchange PENGUUSD	+0.0088%	1h	0.008787	+0.054%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008804	+0.248%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008785	+0.031%	$19K	$161K	20x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008782	long leg	$591K	$990K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008801	+0.213%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008801	+0.218%	$143K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	+0.077%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008798	+0.181%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008789	+0.077%	$23.0M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008798	+0.179%	$7.5M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.026%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	+0.225%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008798	+0.179%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008801	+0.213%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008799	+0.191%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008792	+0.111%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	+0.430%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	+0.350%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008998	+2.457%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	+0.054%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008812	+0.339%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008800	+0.198%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008779	−0.037%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008796	+0.155%	$359K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008784	+0.022%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0299%	1h	0.008790	+0.090%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008786	+0.043%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.104%	$95K	$94K	50x	as long as short