Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.060%

Price spread now: Variational Omni against Reya−0.177%7-day average — · you buy dearer than you sell

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.177% cheaper against Reya than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.009098	0.0240	pay 0.0030% / 1h	55m 27s	$307	—	10x
Short	Variational Omni PENGU	0.009082	0.0100	get 0.0050% / 4h	1h 55m	$927K	$1.1M	—

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 −0.177%Rate

Funding earned: −$29.37
Price spread: −0.177% → 0.000%: −$17.66
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$53.03
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	3.85 bp	doesn't fit	22.5 bp −$225	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009092	−0.064%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.396%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009100	+0.022%	$334K	$758K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009092	−0.066%	$640K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009094	−0.049%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009093	−0.055%	$139K	$289K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009095	−0.033%	$39.6M	$185.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009086	−0.132%	$24.1M	$43.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009095	−0.033%	$8.1M	$54.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.022%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009090	−0.088%	$3.4M	$16.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009101	+0.033%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009097	−0.011%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009106	+0.088%	$8.7M	$13.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009084	−0.154%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009095	−0.033%	$313K	$376K	10x	as long as short
Variational Omni PENGUshort	+0.0100%	4h	0.009082	−0.177%	$927K	$1.1M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009109	+0.122%	$482K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009098	0.000%	$23K	$195K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009310	+2.330%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009093	−0.055%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009106	+0.088%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009087	−0.119%	$188K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009092	−0.066%	$210K	—	3x	as long as short
ApeX Omni PENGUUSDT	+0.0158%	1h	0.009120	+0.242%	$82K	$250K	50x	as long as short
Reya PENGURUSDPERPlong	+0.0240%	1h	0.009098	long leg	$307	—	10x
Deribit PENGU_USDC-PERPETUAL	+0.0300%	1h	0.009100	+0.022%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009113	+0.165%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009095	−0.033%	$208	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009089	−0.099%	$92K	—	100x	as long as short
dYdX PENGU-USD	+0.0562%	1h	0.009092	−0.064%	$12K	$6K	5x	as long as short
Hyperliquid PENGU	+0.0592%	1h	0.009111	+0.143%	$9.4M	$15.9M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0670%	1h	0.009102	+0.046%	$340K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009185	+0.957%	$81K	$69K	50x	as long as short