Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.057%

Price spread now: Bitget against Aevo−0.125%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2,120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,123as in the Price arb table

costs, in and out, $10k−$2,11021.097% of the position

Long on Aevo Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now −0.125%, 7d avg +0.009%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bitget is 0.134% cheaper against Aevo than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.1% 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	Aevo 1000PEPE-PERP	0.000005121	0.0544	pay 0.0068% / 1h	8m 02s	$145K	—	3x
Short	Bitget PEPEUSDT	0.000005115	0.0100	get 0.0100% / 8h	6h 08m	$47.1M	$166.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Aevo. 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 AevobpFee BitgetbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$93.24
Price spread: −0.125% → +0.009%: −$13.4
Slippage, 4 orders: −$2,081.73
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$2,216.37
Costs to cover: 21.097%
Break-even: never at this rate

Slippage from Aevo: live order book, 61 min ago; Bitget: live order book, 1 min ago.

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 Aevo live order book, 61 min ago	440.51 bp	1030.3 bp −$1,030	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.57 bp	7.6 bp −$8	9.9 bp −$99	doesn't fit	doesn't fit

PEPE 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
dYdX PEPE-USD	0.0000%	1h	0.000005083	−0.742%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005098	−0.443%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005091	−0.586%	$62K	$127K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005109	−0.236%	$99.5M	$326.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005108	−0.254%	$163.7M	$72.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005116	−0.092%	$25.7M	$61.3M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000005115	−0.125%	$47.1M	$166.5M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005085	−0.711%	$648K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005092	−0.557%	$27K	$421K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005110	−0.217%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005107	−0.279%	$572K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005097	−0.469%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0260%	8h	0.000005114	−0.137%	$45.8M	$580.9M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0287%	8h	0.000005106	−0.299%	$34K	$24K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005116	−0.098%	$734K	$30.6M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0458%	8h	0.000005115	−0.125%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDC	+0.0507%	8h	0.000005110	−0.219%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0527% / S −0.0557%	1h	0.000005000	−2.363%	$57K	—	100x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0530%	1h	0.000005085	−0.703%	$105K	$748K	25x	as long as short
Extended 1000PEPE-USD	+0.0544%	1h	0.000005113	−0.153%	$562K	$199K	25x	as long as short
Aevo 1000PEPE-PERPlong	+0.0544%	1h	0.000005121	long leg	$145K	—	3x
MEXC PEPE_USDT	+0.0546%	8h	0.000005119	−0.039%	$96.6M	$292.2M	300x	as long as short
Binance 1000PEPEUSDT	+0.0547%	8h	0.000005115	−0.115%	$144.8M	$1.18B	75x	as long as short
SoDEX 1000PEPE-USD	+0.0626%	1h	0.000005109	−0.234%	$2K	$12K	10x	as long as short
Aster 1000PEPEUSDT	+0.0643%	8h	0.000005105	−0.312%	$1.7M	$8.3M	50x	as long as short
Nado kPEPE-PERP	+0.0650%	1h	0.000005092	−0.564%	$193K	$885K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0650%	8h	0.000005092	−0.566%	$6K	$16	20x	as long as short
Kraken Futures PF_PEPEUSD	+0.0815%	1h	0.000005113	−0.160%	$4.1M	$14.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005095	−0.508%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0927%	1h	0.000005103	−0.351%	$62K	$114K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0950%	1h	0.000005117	−0.070%	$99K	$622K	15x	as long as short
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005105	−0.312%	$616	$3K	10x	as long as short
Lighter 1000PEPE	+0.1792%	1h	0.000005123	+0.039%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2062%	1h	0.000005119	−0.039%	$56.5M	$136.0M	10x	as long as short