Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0841%/8h= −92.1% APRpaid last 24h −0.096%

Price spread now: Bitget against Backpack−0.133%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.245%−$24 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.133%, 7d avg +0.013%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Bitget is 0.146% cheaper against Backpack than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.245% in total (about -12.8% 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	Backpack kPEPE_USDC_PERP	0.000005109	0.0941	pay 0.0118% / 1h	11m 51s	$98K	$621K	15x
Short	Bitget PEPEUSDT	0.000005102	0.0100	get 0.0100% / 8h	6h 11m	$47.5M	$164.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$176.63
Price spread: −0.133% → +0.013%: −$14.57
Slippage, 4 orders: −$28.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$241.8
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Backpack: live order book, 57 min ago; Bitget: live order book, 2 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, 57 min ago	4.93 bp	15.3 bp −$15	43.2 bp −$432	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.25 bp	11.4 bp −$11	14.8 bp −$148	doesn't fit	doesn't fit

PEPE on 34 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	0.000005085	−0.470%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005097	−0.237%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005092	−0.333%	$62K	$126K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005089	−0.397%	$99.0M	$325.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005102	−0.137%	$163.8M	$71.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005101	−0.159%	$25.6M	$61.2M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000005102	−0.133%	$47.5M	$164.2M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000005045	−1.261%	$622K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005053	−1.091%	$27K	$423K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005112	+0.061%	$1K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005085	−0.472%	$572K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005098	−0.220%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0250%	8h	0.000005086	−0.450%	$45.5M	$576.1M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0284%	8h	0.000005102	−0.127%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0402%	1h	0.000005047	−1.214%	$106K	$746K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005109	0.000%	$744K	$30.3M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0474%	8h	0.000005105	−0.070%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDC	+0.0498%	8h	0.000005101	−0.162%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0523% / S −0.0552%	1h	0.000005000	−2.133%	$57K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0536%	1h	0.000005105	−0.073%	$560K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0536%	1h	0.000005108	−0.020%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0539%	8h	0.000005110	+0.012%	$96.1M	$291.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0543%	8h	0.000005094	−0.301%	$143.2M	$1.18B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0627%	8h	0.000005096	−0.257%	$6K	$16	20x	as long as short
SoDEX 1000PEPE-USD	+0.0634%	1h	0.000005109	0.000%	$2K	$12K	10x	as long as short
Nado kPEPE-PERP	+0.0640%	1h	0.000005094	−0.284%	$193K	$886K	10x	as long as short
Aster 1000PEPEUSDT	+0.0644%	8h	0.000005096	−0.249%	$1.7M	$8.3M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0731%	1h	0.000005104	−0.098%	$62K	$114K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0816%	1h	0.000005105	−0.080%	$4.1M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005102	−0.137%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0941%	1h	0.000005109	long leg	$98K	$621K	15x
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005105	−0.078%	$616	$3K	10x	as long as short
Lighter 1000PEPE	+0.1752%	1h	0.000005102	−0.137%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2087%	1h	0.000005110	+0.020%	$56.4M	$136.2M	10x	as long as short