Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0519%/8h= −56.8% APRpaid last 24h −0.040%

Price spread now: Variational Omni against Reya+0.295%7-day average — · you sell dearer than you buy

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

Long on Reya 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 airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.295% dearer against Reya than usual: you sell high and buy low (spread +0.295% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008776	0.0238	pay 0.0030% / 1h	55m 08s	$296	—	10x
Short	Variational Omni PENGU	0.008802	−0.0281	pay 0.0141% / 4h	3h 55m	$869K	$929K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now +0.295%Rate

Funding earned: −$108.97
Price spread: +0.295% → 0.000%: $29.49
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$85.47
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 19 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 19 min ago	4.01 bp	doesn't fit	22.4 bp −$224	doesn't fit	doesn't fit

Reya: 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
Gate PENGU_USDT	−0.0514%	4h	0.008779	+0.029%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0504%	4h	0.008774	−0.028%	$22.9M	$37.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0394%	1h	0.008786	+0.108%	$367K	$2.3M	50x	as long as short
Variational Omni PENGUshort	−0.0281%	4h	0.008802	+0.295%	$869K	$929K	—
Deribit PENGU_USDC-PERPETUAL	−0.0206%	1h	0.008773	−0.039%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008777	+0.007%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008780	+0.038%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.143%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0089%	1h	0.008794	+0.203%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008778	+0.018%	$307K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008774	−0.028%	$23K	$186K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008786	+0.115%	$698K	$778K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008781	+0.052%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008785	+0.102%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008793	+0.189%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008777	+0.007%	$36.5M	$155.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008782	+0.064%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.041%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008777	+0.007%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008775	−0.016%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008784	+0.086%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008781	+0.052%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008776	−0.005%	$308K	$316K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008805	+0.325%	$461K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008799	+0.257%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008995	+2.490%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008773	−0.039%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008808	+0.360%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008768	−0.092%	$181K	$617K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008775	−0.016%	$203K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008776	long leg	$296	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008778	+0.018%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008779	+0.029%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008799	+0.257%	$94K	$103K	50x	as long as short