Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0079%/8h= −8.6% APRpaid last 24h −0.054%

Price spread now: Binance against Backpack+0.169%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.169%, 7d avg +0.017%

Together, before fees−0.362%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.152% dearer against Backpack than usual: you sell high and buy low (spread +0.169% now, against its 7-day average of +0.017%): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000005016	0.0564	pay 0.0070% / 1h	20m 39s	$95K	$601K	15x
Short	Binance 1000PEPEUSDT	0.000005024	0.0485	get 0.0485% / 8h	7h 20m	$139.0M	$1.11B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.169%Rate

Funding earned: −$16.53
Price spread: +0.169% → +0.017%: $15.22
Slippage, 4 orders: −$16.85
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$38.16
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; Binance: live order book, 8 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 Backpack live order book, 53 min ago	2.22 bp	14.2 bp −$14	38.6 bp −$386	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.30 bp	5.6 bp −$6	10.8 bp −$108	34.6 bp −$3,458	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
Kraken Futures PF_PEPEUSD	−0.0117%	1h	0.000005015	−0.012%	$3.9M	$14.2M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005019	+0.063%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005009	−0.134%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005025	+0.187%	$59K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005020	+0.090%	$93.8M	$306.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005022	+0.128%	$161.2M	$67.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005024	+0.163%	$25.6M	$56.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005026	+0.215%	$43.9M	$153.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005008	−0.158%	$576K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005007	−0.169%	$52K	$378K	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	0.000005020	+0.098%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005014	−0.032%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005017	+0.036%	$563K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005019	+0.066%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000005024	+0.167%	$44.5M	$537.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005013	−0.044%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0232%	8h	0.000005025	+0.197%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0280%	8h	0.000005012	−0.072%	$31K	$14K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0283%	1h	0.000005007	−0.171%	$104K	$755K	25x	as long as short
BloFin PEPE-USDT	+0.0305%	8h	0.000005017	+0.028%	$4.1M	$23.9M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000005018	+0.048%	$702K	$27.5M	50x	as long as short
Lighter 1000PEPE	+0.0464%	1h	0.000005028	+0.247%	$643K	$6.8M	10x	as long as short
BingX 1000PEPE-USDC	+0.0479%	8h	0.000005023	+0.148%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0482% / S −0.0384%	1h	0.000005000	−0.311%	$63K	—	100x	as long as short
MEXC PEPE_USDT	+0.0484%	8h	0.000005023	+0.150%	$98.0M	$287.0M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0485%	8h	0.000005024	+0.169%	$139.0M	$1.11B	75x
Extended 1000PEPE-USD	+0.0488%	1h	0.000005024	+0.162%	$551K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000005013	−0.052%	$142K	—	3x	as long as short
Nado kPEPE-PERP	+0.0489%	1h	0.000005017	+0.021%	$195K	$859K	10x	as long as short
01 Exchange kPEPEUSD	+0.0520%	1h	0.000005036	+0.407%	$1K	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0525%	8h	0.000005028	+0.246%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0564%	1h	0.000005016	long leg	$95K	$601K	15x
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005017	+0.028%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0748%	1h	0.000005014	−0.032%	$64K	$111K	25x	as long as short
Hyperliquid kPEPE	+0.1299%	1h	0.000005046	+0.606%	$58.5M	$126.0M	10x	as long as short