Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h +0.016%

Price spread now: Backpack against Aster+0.016%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.016%, 7d avg −0.060%

Together, before fees+0.040%+ Points / potential airdropAster: Stage 5 · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.077% dearer against Aster than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.060%): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.040% in total (about 2.1% 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	Aster 1000PEPEUSDT	0.000004869	0.0880	pay 0.0880% / 8h	1h 40m	$1.5M	$7.0M	50x
Short	Backpack kPEPE_USDC_PERP	0.000004869	0.0668	get 0.0084% / 1h	40m 56s	$91K	$614K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$44.43
Price spread: +0.016% → −0.060%: $7.66
Slippage, 4 orders: −$15.43
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$70.19
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Backpack: live order book, 43 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 Aster live order book, 3 min ago	0.93 bp	7.5 bp −$7	18.4 bp −$184	doesn't fit	doesn't fit
Sell Backpack live order book, 43 min ago	0.10 bp	5.4 bp −$5	17.0 bp −$170	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	0.000004855	−0.285%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004859	−0.195%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004864	−0.094%	$620K	$5.4M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004865	−0.074%	$61.4M	$77.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004858	−0.218%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004868	−0.006%	$88.3M	$279.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004867	−0.033%	$152.3M	$62.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004870	+0.025%	$25.2M	$53.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.484%	$545K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004838	−0.629%	$27K	$341K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004871	+0.055%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004863	−0.115%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004864	−0.084%	$552K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0163%	8h	0.000004874	+0.105%	$42.9M	$151.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004861	−0.159%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004870	+0.029%	$42.0M	$495.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0215%	1h	0.000004000	−17.841%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004863	−0.115%	$3.9M	$22.3M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0415%	8h	0.000004863	−0.123%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0422%	8h	0.000004862	−0.129%	$2.3M	$6.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0442%	8h	0.000004860	−0.185%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004863	−0.115%	$617K	$25.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.0520%	1h	0.000004870	+0.029%	$558	$2K	10x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0668%	1h	0.000004869	+0.016%	$91K	$614K	15x
Nado kPEPE-PERP	+0.0726%	1h	0.000004863	−0.124%	$187K	$854K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0779%	1h	0.000004862	−0.136%	$82K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0827%	8h	0.000004870	+0.025%	—	$256.0M	—	as long as short
Binance 1000PEPEUSDT	+0.0847%	8h	0.000004871	+0.049%	$131.3M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0848%	1h	0.000004869	+0.002%	$535K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0848%	1h	0.000004866	−0.053%	$138K	—	3x	as long as short
MEXC PEPE_USDT	+0.0850%	8h	0.000004864	−0.103%	$92.6M	$283.2M	300x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004887	+0.378%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDTlong	+0.0880%	8h	0.000004869	long leg	$1.5M	$7.0M	50x
ApeX Omni 1000PEPEUSDT	+0.0935%	1h	0.000004841	−0.567%	$103K	$764K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1312%	1h	0.000004862	−0.135%	$4.0M	$13.2M	50x	as long as short