Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0708%/8h= −77.6% APRpaid last 24h +0.010%

Price spread now: Lighter against Aster+0.004%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 7 days−0.143%−$14 · spread now +0.004%, 7d avg −0.045%

Together, before fees−0.169%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.049% dearer against Aster than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.045%): +$5 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.025% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	Aster 1000PEPEUSDT	0.000004905	0.0860	pay 0.0860% / 8h	2h 47m	$1.5M	$6.7M	50x
Short	Lighter 1000PEPE	0.000004905	0.0152	get 0.0019% / 1h	47m 57s	$548K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$148.78
Price spread: +0.004% → −0.045%: $4.9
Slippage, 4 orders: −$40.91
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$192.79
Costs to cover: 0.489%
Break-even: never at this rate

Slippage from Aster: live order book, 6 min ago; Lighter: live order book, 5 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	2.38 bp	8.2 bp −$8	16.8 bp −$168	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	9.34 bp	12.7 bp −$13	31.0 bp −$310	102.7 bp −$10.3K	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	0.000004888	−0.332%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004893	−0.232%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004899	−0.118%	$56.7M	$68.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004894	−0.220%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004898	−0.139%	$89.6M	$271.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004897	−0.159%	$149.3M	$60.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004902	−0.065%	$24.8M	$50.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−1.229%	$708K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	−1.521%	$27K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004907	+0.051%	$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	0.000004898	−0.147%	$556K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0110%	8h	0.000004901	−0.077%	$42.1M	$495.7M	50x	as long as short
Lighter 1000PEPEshort	+0.0152%	1h	0.000004905	+0.004%	$548K	$5.0M	10x
Bitget PEPEUSDT	+0.0173%	8h	0.000004902	−0.051%	$45.1M	$150.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004896	−0.177%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0225%	8h	0.000004884	−0.424%	$4.0M	$21.7M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0319%	1h	0.000004902	−0.065%	$108K	$618K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0320% / S −0.0376%	1h	0.000004000	−18.447%	$42K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0342%	8h	0.000004899	−0.123%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0355%	8h	0.000004903	−0.045%	$31K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0419%	8h	0.000004900	−0.098%	$2.4M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004899	−0.118%	$601K	$25.7M	50x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004880	−0.506%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0638%	1h	0.000004900	−0.098%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0644%	1h	0.000004896	−0.174%	$183K	$867K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0747%	1h	0.000004903	−0.035%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0753%	8h	0.000004903	−0.029%	—	$254.4M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0766%	1h	0.000004850	−1.117%	$101K	$757K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004905	+0.004%	$139K	—	3x	as long as short
MEXC PEPE_USDT	+0.0793%	8h	0.000004903	−0.035%	$91.8M	$287.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0799%	8h	0.000004904	−0.011%	$129.5M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004902	−0.063%	$538K	$146K	25x	as long as short
Aster 1000PEPEUSDTlong	+0.0860%	8h	0.000004905	long leg	$1.5M	$6.7M	50x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0976%	1h	0.000004901	−0.077%	$83K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1600%	1h	0.000004911	+0.126%	$563	$2K	10x	as long as short