Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0831%/8h= +91.0% APRpaid last 24h +0.119%

Price spread now: GMX against Variational Omni+0.148%7-day average +0.095% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.255%+$25 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now +0.148%, 7d avg +0.095%

Together, before fees+0.255%+ Points / potential airdropVariational Omni: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and GMX is 0.053% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.095%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.255% in total (about 29.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008910	−0.0108	get 0.0054% / 4h	3h 05m	$920K	$975K	—
Short	GMX PENGU/USD [WBTC.b-USDC]	0.008923	L +0.0522% / S −0.0723%	get 0.0090% / 1h	5m 52s	$118K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.148%Rate

Funding earned: $174.43
Price spread: +0.148% → +0.095%: $5.28
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $167.72
Costs to cover: 0.120%
Break-even: 0.3 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; GMX: no order-book sample. 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	3.36 bp	doesn't fit	22.4 bp −$224	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Kraken Futures PF_PENGUUSD	−0.0387%	1h	0.008944	+0.379%	$372K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0176%	1h	0.008918	+0.091%	$204	$59	5x	as long as short
Gate PENGU_USDT	−0.0158%	4h	0.008933	+0.260%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGUlong	−0.0108%	4h	0.008910	long leg	$920K	$975K	—
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008920	+0.114%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008923	+0.142%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.356%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008941	+0.350%	$310K	$732K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008918	+0.091%	$19K	$178K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008920	+0.120%	$707K	$765K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008942	+0.361%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008943	+0.377%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008930	+0.226%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008936	+0.293%	$37.8M	$156.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008928	+0.204%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008933	+0.260%	$7.7M	$48.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008920	+0.114%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008938	+0.316%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008937	+0.305%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008941	+0.350%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008923	+0.148%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008933	+0.260%	$308K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008952	+0.468%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008958	+0.540%	$82K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009134	+2.516%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008933	+0.260%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008946	+0.406%	$92K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008931	+0.241%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008920	+0.114%	$206K	—	3x	as long as short
dYdX PENGU-USD	+0.0106%	1h	0.008930	+0.228%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008920	+0.114%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008945	+0.394%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]short	L +0.0522% / S −0.0723%	1h	0.008923	+0.148%	$118K	—	100x
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008977	+0.754%	$96K	$104K	50x	as long as short