Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0350%/8h= −38.3% APRpaid last 24h −0.027%

Price spread now: Phemex against Aevo−0.104%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,205as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,212as in the Price arb table

costs, in and out, $10k−$1,19711.969% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.104%, 7d avg +0.047%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.151% cheaper against Aevo than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.047%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% 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	0.000004814	0.0824	pay 0.0103% / 1h	28m 12s	$136K	—	3x
Short	Phemex u1000PEPEUSDT	0.000004809	0.0474	get 0.0474% / 8h	2h 28m	$2.3M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$73.44
Price spread: −0.104% → +0.047%: −$15.06
Slippage, 4 orders: −$1,168.93
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1,285.44
Costs to cover: 11.969%
Break-even: never at this rate

Slippage from Aevo: live order book, 60 min ago; Phemex: live order book, 6 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, 60 min ago	271.04 bp	574.8 bp −$575	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	6.95 bp	13.3 bp −$13	31.8 bp −$318	doesn't fit	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	0.000004802	−0.243%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004800	−0.285%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004805	−0.187%	$57.1M	$70.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004808	−0.125%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004804	−0.197%	$88.6M	$272.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004801	−0.270%	$149.4M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004806	−0.172%	$25.3M	$53.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−0.306%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	−0.218%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004815	+0.027%	$2K	$2.4M	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	0.000004809	−0.096%	$554K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0140%	8h	0.000004807	−0.145%	$41.3M	$488.5M	50x	as long as short
Bitget PEPEUSDT	+0.0175%	8h	0.000004808	−0.114%	$43.2M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004805	−0.177%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0255%	8h	0.000004802	−0.249%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.909%	$52K	—	100x	as long as short
Lighter 1000PEPE	+0.0368%	1h	0.000004810	−0.083%	$590K	$5.1M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0386%	8h	0.000004810	−0.075%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0421%	8h	0.000004805	−0.181%	$5K	$16	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004807	−0.145%	$576K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDTshort	+0.0474%	8h	0.000004809	−0.104%	$2.3M	$6.4M	50x
Backpack kPEPE_USDC_PERP	+0.0540%	1h	0.000004804	−0.206%	$95K	$622K	15x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004804	−0.208%	$4K	$92K	12x	as long as short
Nado kPEPE-PERP	+0.0709%	1h	0.000004809	−0.104%	$181K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0726%	1h	0.000004803	−0.229%	$99K	$759K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0750%	1h	0.000004807	−0.145%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004806	−0.159%	$3.9M	$13.1M	50x	as long as short
BingX 1000PEPE-USDC	+0.0774%	8h	0.000004805	−0.183%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERPlong	+0.0824%	1h	0.000004814	long leg	$136K	—	3x
MEXC PEPE_USDT	+0.0825%	8h	0.000004805	−0.181%	$90.4M	$290.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0831%	8h	0.000004809	−0.108%	$127.8M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0832%	1h	0.000004807	−0.144%	$526K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004810	−0.084%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1000%	1h	0.000004807	−0.145%	$81K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1240%	1h	0.000004820	+0.125%	$552	$2K	10x	as long as short