Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0700%/8h= −76.6% APRpaid last 24h −0.084%

Price spread now: Bybit against Aevo−0.170%7-day average −0.040% · you buy dearer than you sell

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

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now −0.170%, 7d avg −0.040%

Together, before fees−0.237%−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.130% cheaper against Aevo than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% 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	0.000005282	0.0800	pay 0.0100% / 1h	31m 58s	$149K	—	3x
Short	Bybit 1000PEPEUSDT	0.000005273	0.0100	get 0.0100% / 8h	3h 31m	$107.1M	$377.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$147
Price spread: −0.170% → −0.040%: −$13.04
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$187.04
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 22 min ago; Bybit: live order book, 2 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 Aevo live order book, 22 min ago	1010.05 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.95 bp	8.0 bp −$8	13.8 bp −$138	34.2 bp −$3,419	doesn't fit

PEPE on 35 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	0.000005284	+0.029%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005280	−0.034%	$15K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005327	+0.852%	$3K	$111K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005291	+0.170%	$70K	$155K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005273	−0.170%	$107.1M	$377.6M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005264	−0.341%	$174.9M	$87.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005274	−0.155%	$26.7M	$68.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005342	+1.128%	$763K	$5.1M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005324	+0.804%	$53K	$509K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005291	+0.172%	$2K	$2.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005288	+0.108%	$608K	$3.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005284	+0.038%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0285%	8h	0.000005286	+0.078%	$51.5M	$189.7M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0387%	8h	0.000005286	+0.078%	$35K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0430%	8h	0.000005280	−0.038%	$51.6M	$678.0M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0484%	1h	0.000005283	+0.019%	$2K	$10K	10x	as long as short
BloFin PEPE-USDT	+0.0562%	8h	0.000005291	+0.170%	$4.9M	$28.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0646%	8h	0.000005287	+0.098%	$2.6M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0697%	1h	0.000005285	+0.057%	$75K	$126K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005295	+0.246%	$667K	$36.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0758%	8h	0.000005288	+0.116%	$6K	—	20x	as long as short
BingX 1000PEPE-USDT	+0.0764%	8h	0.000005279	−0.062%	—	$235.0M	—	as long as short
MEXC PEPE_USDT	+0.0796%	8h	0.000005272	−0.184%	$102.9M	$294.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000005275	−0.130%	$153.8M	$1.32B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005269	−0.238%	$559K	$226K	25x	as long as short
Aevo 1000PEPE-PERPlong	+0.0800%	1h	0.000005282	long leg	$149K	—	3x
ApeX Omni 1000PEPEUSDT	+0.0832%	1h	0.000005348	+1.250%	$164K	$799K	25x	as long as short
Nado kPEPE-PERP	+0.0867%	1h	0.000005283	+0.016%	$190K	$916K	10x	as long as short
Aster 1000PEPEUSDT	+0.0916%	8h	0.000005271	−0.207%	$1.9M	$10.2M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0936% / S −0.1857%	1h	0.000005000	−5.339%	$65K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.1040%	1h	0.000005283	+0.019%	$637	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1228%	1h	0.000005279	−0.059%	$69K	$723K	15x	as long as short
Lighter 1000PEPE	+0.1264%	1h	0.000005286	+0.076%	$695K	$8.7M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1548%	1h	0.000005276	−0.114%	$4.9M	$16.4M	50x	as long as short
Hyperliquid kPEPE	+0.1637%	1h	0.000005281	−0.019%	$57.8M	$145.1M	10x	as long as short