Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0303%/8h= −33.1% APRpaid last 24h −0.038%

Price spread now: Gate against ApeX Omni+0.209%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$500.499% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 3 days (all we have)−0.365%−$37 · spread now +0.209%, 7d avg −0.005%

Together, before fees−0.440%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.214% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.209% now, against its 7-day average of −0.005%): +$21 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.075% in total) that is about 20 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% 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	ApeX Omni 1000PEPEUSDT	0.000004789	0.0403	pay 0.0050% / 1h	57m 03s	$101K	$760K	25x
Short	Gate PEPE_USDT	0.000004799	0.0100	get 0.0100% / 8h	57m 03s	$150.7M	$63.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against ApeX 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 ApeX OmnibpFee GatebpOrdersPrice spread, now +0.209%Rate

Funding earned: −$63.57
Price spread: +0.209% → −0.005%: $21.36
Slippage, 4 orders: −$24.88
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$92.1
Costs to cover: 0.499%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 22 min ago; Gate: live order book, 2 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 ApeX Omni live order book, 22 min ago	5.11 bp	12.2 bp −$12	100.3 bp −$1,003	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.08 bp	13.0 bp −$13	19.0 bp −$190	67.1 bp −$6,710	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
Hyperliquid kPEPE	−0.0074%	1h	0.000004794	+0.104%	$65.0M	$86.1M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004796	+0.142%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004797	+0.171%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004798	+0.192%	$3.9M	$13.4M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004802	+0.271%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004795	+0.125%	$86.7M	$286.4M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000004799	+0.209%	$150.7M	$63.7M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004799	+0.200%	$24.7M	$54.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004801	+0.253%	$42.3M	$149.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004783	−0.128%	$548K	$4.0M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004795	+0.122%	$28K	$344K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004808	+0.388%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004801	+0.251%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004799	+0.217%	$543K	$3.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004804	+0.309%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0220%	8h	0.000004799	+0.209%	$41.4M	$495.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0233%	8h	0.000004797	+0.169%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0285%	8h	0.000004801	+0.251%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0296%	1h	0.000004804	+0.313%	$550	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0342%	8h	0.000004802	+0.271%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0345% / S −0.0379%	1h	0.000004000	−16.475%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004803	+0.292%	$565K	$25.7M	50x	as long as short
ApeX Omni 1000PEPEUSDTlong	+0.0403%	1h	0.000004789	long leg	$101K	$760K	25x
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004808	+0.397%	$4K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0443%	8h	0.000004801	+0.246%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0571%	1h	0.000004801	+0.244%	$91K	$617K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0584%	1h	0.000004801	+0.251%	$81K	$94K	25x	as long as short
Lighter 1000PEPE	+0.0584%	1h	0.000004802	+0.271%	$677K	$6.1M	10x	as long as short
BingX 1000PEPE-USDT	+0.0693%	8h	0.000004801	+0.248%	—	$256.4M	—	as long as short
Binance 1000PEPEUSDT	+0.0717%	8h	0.000004796	+0.136%	$131.3M	$1.05B	75x	as long as short
MEXC PEPE_USDT	+0.0718%	8h	0.000004802	+0.274%	$92.8M	$277.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0720%	1h	0.000004800	+0.229%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0720%	1h	0.000004803	+0.292%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0727%	8h	0.000004802	+0.278%	$1.5M	$7.2M	50x	as long as short
Nado kPEPE-PERP	+0.0913%	1h	0.000004803	+0.297%	$184K	$845K	10x	as long as short