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 0.000%

Price spread now: Bybit against Variational Omni+0.466%7-day average −0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.602%−$60 · spread now +0.466%, 7d avg −0.010%

Together, before fees−0.605%+ Points / potential airdropVariational Omni: Active · farm board−$60 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: Bybit is 0.476% dearer against Variational Omni than usual: you sell high and buy low, +$48 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008816	0.0100	pay 0.0050% / 4h	2h 20m	$920K	$1.0M	—
Short	Bybit PENGUUSDT	0.008857	0.0100	get 0.0050% / 4h	2h 20m	$23.5M	$42.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.466%Rate

Funding earned: $0
Price spread: +0.466% → −0.010%: $47.55
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $36.55
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Bybit: live order book, 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 Variational Omni RFQ quote, 4 min ago	3.43 bp	doesn't fit	24.0 bp −$240	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.57 bp	14.8 bp −$15	27.2 bp −$272	120.4 bp −$12.0K	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	0.008858	+0.473%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.306%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008863	+0.534%	$321K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008855	+0.443%	$594K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008862	+0.522%	$8.1M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008857	+0.471%	$121K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008853	+0.420%	$134K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008862	+0.519%	$37.4M	$177.3M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008857	+0.466%	$23.5M	$42.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008863	+0.534%	$7.5M	$51.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008860	+0.500%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008859	+0.488%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008863	+0.534%	$10.5M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008863	+0.534%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008862	+0.522%	$8.5M	$13.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008854	+0.432%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008821	+0.057%	$291K	$338K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008816	long leg	$920K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008765	−0.575%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008756	−0.680%	$79K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008857	+0.466%	$23K	$174K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009072	+2.904%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008860	+0.500%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008868	+0.590%	$92K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008860	+0.494%	$182K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008855	+0.443%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0176%	1h	0.008848	+0.360%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008852	+0.409%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0202%	1h	0.008861	+0.511%	$17K	$12K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008855	+0.445%	$299	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0319%	1h	0.008866	+0.572%	$323K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008841	+0.284%	$1.5M	$4.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0466%	1h	0.008857	+0.466%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008845	+0.329%	$78K	$76K	50x	as long as short