Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Bitget against Variational Omni−0.277%7-day average +0.079% · you buy dearer than you sell

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

Long on Variational Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.654%−$65 · spread now −0.277%, 7d avg +0.079%

Together, before fees−0.619%+ Points / potential airdropVariational Omni: Active · farm board−$62 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: Bitget is 0.357% cheaper against Variational Omni than usual: you would sell low and buy high, −$36 on $10k if it goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.009116	0.0100	pay 0.0050% / 4h	0m 50s	$937K	$1.2M	—
Short	Bitget PENGUUSDT	0.009091	0.0100	get 0.0050% / 4h	0m 50s	$8.8M	$14.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. 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 Variational OmnibpFee BitgetbpOrdersPrice spread, now −0.277%Rate

Funding earned: $0
Price spread: −0.277% → +0.079%: −$35.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$47.65
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bitget: live order book, 3 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 Variational Omni RFQ quote, 3 min ago	3.84 bp	doesn't fit	28.0 bp −$280	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.55 bp	12.0 bp −$12	29.5 bp −$295	96.1 bp −$9,605	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009086	−0.328%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.590%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009088	−0.310%	$328K	$774K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009095	−0.233%	$644K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009090	−0.288%	$142K	$736K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009087	−0.321%	$137K	$268K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009093	−0.254%	$40.0M	$195.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009085	−0.343%	$24.4M	$46.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009086	−0.332%	$8.2M	$57.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009080	−0.398%	$18K	$25K	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	0.009089	−0.299%	$3.7M	$18.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009086	−0.332%	$11.3M	$13.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009084	−0.354%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.009091	−0.277%	$8.8M	$14.8M	75x
BingX PENGU-USDC	+0.0100%	4h	0.009086	−0.332%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009078	−0.420%	$314K	$387K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.009116	long leg	$937K	$1.2M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009092	−0.261%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009089	−0.299%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009086	−0.332%	$23K	$310K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009308	+2.103%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009081	−0.387%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009100	−0.178%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009078	−0.422%	$186K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009080	−0.398%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009088	−0.311%	$307	—	10x	as long as short
Hyperliquid PENGU	+0.0245%	1h	0.009088	−0.310%	$9.2M	$16.8M	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009100	−0.178%	$1.6M	$5.1M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009087	−0.321%	$208	$41	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0410%	1h	0.009093	−0.255%	$1K	$29K	10x	as long as short
dYdX PENGU-USD	+0.0413%	1h	0.009094	−0.246%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009085	−0.343%	$104K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0537%	1h	0.009089	−0.295%	$352K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009233	+1.280%	$81K	$74K	50x	as long as short