Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Orderly against Variational Omni+0.198%7-day average +0.032% · you sell dearer than you buy

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

Long on Variational Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.198%, 7d avg +0.032%

Together, before fees−0.098%+ Points / potential airdropVariational Omni: Active · farm board−$10 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: Orderly is 0.166% dearer against Variational Omni than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENGU	0.009070	0.0100	pay 0.0050% / 4h	3h 53m	$936K	$1.2M	—
Short	Orderly PERP_PENGU_USDC	0.009088	0.0100	get 0.0050% / 4h	3h 53m	$23K	$314K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.198%Rate

Funding earned: $0
Price spread: +0.198% → +0.032%: $16.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.65
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Orderly: 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, 1 min ago	3.30 bp	doesn't fit	24.2 bp −$242	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009088	+0.198%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009089	+0.210%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.098%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0075%	1h	0.009095	+0.272%	$12K	$6K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009112	+0.463%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009099	+0.320%	$142K	$739K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009096	+0.287%	$137K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009097	+0.298%	$40.0M	$196.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009092	+0.243%	$24.5M	$46.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009089	+0.209%	$8.2M	$57.7M	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	0.009110	+0.441%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009090	+0.220%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009099	+0.320%	$11.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009095	+0.276%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009108	+0.419%	$8.8M	$15.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009098	+0.309%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009093	+0.254%	$312K	$388K	10x	as long as short
Variational Omni PENGUlong	+0.0100%	4h	0.009070	long leg	$936K	$1.2M	—
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	+0.171%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009067	−0.033%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009106	+0.397%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009088	+0.198%	$23K	$314K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009303	+2.569%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009090	+0.220%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009119	+0.540%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009095	+0.276%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009082	+0.132%	$210K	—	3x	as long as short
Lighter PENGU	+0.0208%	1h	0.009104	+0.375%	$328K	$747K	8x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009102	+0.355%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009065	−0.055%	$1.6M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0380%	1h	0.009093	+0.252%	$351K	$2.6M	50x	as long as short
01 Exchange PENGUUSD	+0.0432%	1h	0.009123	+0.584%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009091	+0.231%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.555%	$81K	$74K	50x	as long as short