Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0362%/8h= −39.6% APRpaid last 24h −0.031%

Price spread now: Coinbase International against Aster−0.051%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Aster Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.051%, 7d avg −0.049%

Together, before fees−0.110%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.153% in total (about -8.0% 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	0.000004805	0.0810	pay 0.0810% / 8h	1h 23m	$1.5M	$7.1M	50x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004803	0.0448	get 0.0056% / 1h	23m 14s	$592K	$25.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$76.02
Price spread: −0.051% → −0.049%: −$0.22
Slippage, 4 orders: −$22.61
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$116.86
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Aster: live order book, 6 min ago; Coinbase International: 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 Aster live order book, 6 min ago	1.14 bp	10.3 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	3.12 bp	10.1 bp −$10	14.6 bp −$146	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	0.000004800	−0.117%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004801	−0.091%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004807	+0.032%	$664K	$5.8M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004800	−0.114%	$62.7M	$80.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004806	+0.011%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004804	−0.030%	$87.0M	$281.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004804	−0.030%	$150.1M	$63.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004804	−0.035%	$24.7M	$54.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004813	+0.155%	$537K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004812	+0.146%	$27K	$343K	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	0.000004813	+0.149%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004807	+0.032%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004806	+0.020%	$542K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0133%	8h	0.000004806	+0.005%	$42.2M	$152.0M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004806	+0.002%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0207%	8h	0.000004806	+0.011%	$41.7M	$491.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0211% / S −0.0091%	1h	0.000004000	−16.761%	$54K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0320%	8h	0.000004804	−0.021%	$5K	$16	20x	as long as short
BloFin PEPE-USDT	+0.0327%	8h	0.000004808	+0.053%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0377%	8h	0.000004804	−0.020%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0416%	1h	0.000004807	+0.032%	$551	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0448%	1h	0.000004803	−0.051%	$592K	$25.6M	50x
Orderly PERP_1000PEPE_USDC	+0.0449%	8h	0.000004805	−0.010%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0587%	1h	0.000004816	+0.223%	$92K	$615K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0605%	1h	0.000004813	+0.157%	$102K	$763K	25x	as long as short
Nado kPEPE-PERP	+0.0757%	1h	0.000004804	−0.030%	$185K	$853K	10x	as long as short
BingX 1000PEPE-USDT	+0.0770%	8h	0.000004805	−0.018%	—	$256.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0788%	8h	0.000004804	−0.027%	$130.2M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0791%	8h	0.000004803	−0.060%	$91.2M	$284.8M	300x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0791%	1h	0.000004808	+0.053%	$81K	$94K	25x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004804	−0.029%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004808	+0.053%	$136K	—	3x	as long as short
Aster 1000PEPEUSDTlong	+0.0810%	8h	0.000004805	long leg	$1.5M	$7.1M	50x
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004815	+0.199%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1327%	1h	0.000004805	0.000%	$3.9M	$13.3M	50x	as long as short