Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.019%

Price spread now: Lighter against Variational Omni+0.358%7-day average +0.082% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.417%−$42 · spread now +0.358%, 7d avg +0.082%

Together, before fees−0.385%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$39 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: Lighter is 0.276% dearer against Variational Omni than usual: you sell high and buy low, +$28 on $10k if it goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.008940	0.0100	pay 0.0050% / 4h	2h 14m	$934K	$1.0M	—
Short	Lighter PENGU	0.008972	0.0096	get 0.0012% / 1h	14m 20s	$330K	$755K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.358%Rate

Funding earned: −$0.84
Price spread: +0.358% → +0.082%: $27.6
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $26.76
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter: live order book, 31 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, 5 min ago	3.38 bp	doesn't fit	20.3 bp −$203	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	1.70 bp	8.0 bp −$8	73.4 bp −$734	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008961	+0.233%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.689%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008972	+0.358%	$330K	$755K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008955	+0.173%	$608K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008966	+0.291%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008961	+0.230%	$123K	$685K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008967	+0.302%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008962	+0.250%	$37.9M	$180.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008949	+0.100%	$23.7M	$42.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008957	+0.190%	$7.7M	$52.3M	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	0.008960	+0.223%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008956	+0.179%	$3.3M	$16.7M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008952	+0.134%	$10.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008960	+0.223%	$5.0M	$9.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008957	+0.190%	$8.5M	$13.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008963	+0.257%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008992	+0.581%	$294K	$344K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.008940	long leg	$934K	$1.0M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	−0.641%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008867	−0.817%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008953	+0.145%	$23K	$180K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009167	+2.539%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008959	+0.212%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008980	+0.447%	$93K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008952	+0.135%	$185K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008954	+0.156%	$207K	—	3x	as long as short
dYdX PENGU-USD	+0.0194%	1h	0.008966	+0.293%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0197%	1h	0.008959	+0.212%	$14K	$15K	10x	as long as short
01 Exchange PENGUUSD	+0.0208%	1h	0.008966	+0.291%	$205	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008953	+0.148%	$302	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0315%	1h	0.008968	+0.314%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008970	+0.335%	$1.5M	$4.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0482%	1h	0.008955	+0.168%	$127K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009053	+1.264%	$80K	$79K	50x	as long as short