Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0113%/8h= +12.4% APRpaid last 24h −0.068%

Price spread now: BingX against Backpack−0.255%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.255%, 7d avg +0.004%

Together, before fees+0.145%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.259% cheaper against Backpack than usual: you would sell low and buy high (spread −0.255% now, against its 7-day average of +0.004%). If the spread goes back, that is −$26 on $10k: about 7.6 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.135%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000004827	0.0700	pay 0.0088% / 1h	13m 28s	$93K	$622K	15x
Short	BingX 1000PEPE-USDT	0.000004815	0.0813	get 0.0813% / 8h	2h 13m	—	$254.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.255%Rate

Funding earned: $23.7
Price spread: −0.255% → +0.004%: −$25.89
Slippage, 4 orders: −$10.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$33.17
Costs to cover: 0.310%
Break-even: 16.8 days

Slippage from Backpack: live order book, 10 min ago; BingX: live order book, 11 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, 10 min ago	0.10 bp	13.7 bp −$14	36.5 bp −$365	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.41 bp	6.3 bp −$6	9.3 bp −$93	16.1 bp −$1,609	40.0 bp −$20.0K

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	0.000004812	−0.309%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004828	+0.023%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004803	−0.499%	$58.0M	$72.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004816	−0.230%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004801	−0.541%	$87.4M	$275.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004813	−0.292%	$150.3M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004816	−0.226%	$25.0M	$53.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004810	−0.348%	$559K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	−0.191%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004842	+0.305%	$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	0.000004837	+0.215%	$557K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0164%	8h	0.000004803	−0.499%	$41.3M	$484.2M	50x	as long as short
Bitget PEPEUSDT	+0.0180%	8h	0.000004805	−0.462%	$42.4M	$150.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004804	−0.471%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0279%	8h	0.000004829	+0.039%	$3.9M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−17.135%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0409%	8h	0.000004836	+0.178%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004826	−0.023%	$581K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0477%	8h	0.000004835	+0.170%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0518%	8h	0.000004816	−0.237%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004817	−0.209%	$4K	$110K	12x	as long as short
Lighter 1000PEPE	+0.0648%	1h	0.000004820	−0.147%	$610K	$5.3M	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0700%	1h	0.000004827	long leg	$93K	$622K	15x
Nado kPEPE-PERP	+0.0743%	1h	0.000004807	−0.418%	$188K	$848K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0758%	1h	0.000004833	+0.118%	$3.9M	$13.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0765%	1h	0.000004818	−0.189%	$102K	$761K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0812%	1h	0.000004833	+0.122%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDTshort	+0.0813%	8h	0.000004815	−0.255%	—	$254.7M	—
Aevo 1000PEPE-PERP	+0.0856%	1h	0.000004827	−0.002%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0863%	8h	0.000004819	−0.170%	$91.7M	$291.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0863%	8h	0.000004811	−0.343%	$128.2M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004815	−0.242%	$529K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0896%	8h	0.000004821	−0.126%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1200%	1h	0.000004835	+0.164%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1216%	1h	0.000004821	−0.126%	$552	$2K	10x	as long as short