Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.033%

Price spread now: Hyperliquid against Variational Omni−0.112%7-day average +0.072% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.112%, 7d avg +0.072%

Together, before fees+0.013%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$1 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: Hyperliquid is 0.184% cheaper against Variational Omni than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008910	0.0100	pay 0.0050% / 4h	3h 12m	$930K	$1.0M	—
Short	Hyperliquid PENGU	0.008900	0.0100	get 0.0013% / 1h	12m 41s	$8.5M	$15.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.112%Rate

Funding earned: $0
Price spread: −0.112% → +0.072%: −$18.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$27.37
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hyperliquid: live order book, 10 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, 1 min ago	3.37 bp	doesn't fit	21.3 bp −$213	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.13 bp	9.8 bp −$10	18.5 bp −$185	doesn't fit	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008901	−0.100%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	−0.057%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0020%	4h	0.008886	−0.269%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.357%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0062%	1h	0.008892	−0.199%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008896	−0.156%	$324K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008883	−0.302%	$203	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008904	−0.067%	$597K	$1.1M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008900	−0.112%	$8.5M	$15.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008881	−0.330%	$137K	$643K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008893	−0.190%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008877	−0.370%	$37.7M	$173.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008868	−0.471%	$23.5M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008883	−0.302%	$7.7M	$50.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−0.336%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008891	−0.213%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008891	−0.213%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008885	−0.280%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008885	−0.280%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008897	−0.145%	$297K	$327K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008910	long leg	$930K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008914	+0.050%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008933	+0.259%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008899	−0.123%	$23K	$119K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009110	+2.245%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008903	−0.078%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008924	+0.158%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008877	−0.364%	$184K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008892	−0.201%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008906	−0.042%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	−0.055%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008905	−0.055%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008908	−0.017%	$326K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.494%	$94K	$59K	50x	as long as short