Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.050%

Price spread now: BloFin against Backpack+0.095%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$470.472% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)+0.202%+$20 · spread now +0.095%, 7d avg −0.007%

Together, before fees+0.245%+$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.101% dearer against Backpack than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of −0.007%): +$10 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000004847	0.0234	pay 0.0029% / 1h	50m 21s	$109K	$619K	15x
Short	BloFin PEPE-USDT	0.000004852	0.0220	get 0.0220% / 8h	2h 50m	$4.0M	$21.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$2.87
Price spread: +0.095% → −0.007%: $10.14
Slippage, 4 orders: −$25.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$39.94
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; BloFin: live order book, 4 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, 38 min ago	0.10 bp	9.1 bp −$9	47.5 bp −$475	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	10.39 bp	16.4 bp −$16	18.1 bp −$181	36.4 bp −$3,644	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	0.000004851	+0.074%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004869	+0.446%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004876	+0.590%	$56.4M	$68.4M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004856	+0.177%	$58K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004869	+0.437%	$89.1M	$271.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004870	+0.466%	$148.7M	$60.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004867	+0.413%	$23.9M	$50.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.059%	$708K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	−0.355%	$27K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004861	+0.276%	$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	0.000004857	+0.202%	$552K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0105%	8h	0.000004874	+0.549%	$41.8M	$493.1M	50x	as long as short
Bitget PEPEUSDT	+0.0175%	8h	0.000004872	+0.514%	$43.9M	$150.4M	75x	as long as short
Lighter 1000PEPE	+0.0176%	1h	0.000004857	+0.198%	$543K	$5.0M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004873	+0.527%	$7K	—	15x	as long as short
BloFin PEPE-USDTshort	+0.0220%	8h	0.000004852	+0.095%	$4.0M	$21.7M	75x
Backpack kPEPE_USDC_PERPlong	+0.0234%	1h	0.000004847	long leg	$109K	$619K	15x
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0372%	1h	0.000004000	−17.482%	$42K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0339%	8h	0.000004859	+0.231%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0353%	8h	0.000004868	+0.417%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0430%	8h	0.000004853	+0.107%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004847	−0.008%	$596K	$25.4M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0516%	1h	0.000004838	−0.194%	$100K	$757K	25x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004856	+0.177%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0571%	1h	0.000004849	+0.033%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0701%	1h	0.000004877	+0.621%	$182K	$868K	10x	as long as short
BingX 1000PEPE-USDT	+0.0753%	8h	0.000004875	+0.565%	—	$254.3M	—	as long as short
Kraken Futures PF_PEPEUSD	+0.0755%	1h	0.000004848	+0.018%	$3.9M	$12.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0782%	1h	0.000004851	+0.074%	$82K	$94K	25x	as long as short
MEXC PEPE_USDT	+0.0791%	8h	0.000004877	+0.615%	$93.6M	$286.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0791%	8h	0.000004873	+0.525%	$130.9M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004856	+0.178%	$532K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004878	+0.631%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0847%	8h	0.000004861	+0.289%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1712%	1h	0.000004869	+0.446%	$558	$2K	10x	as long as short