Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0742%/8h= −81.2% APRpaid last 24h −0.104%

Price spread now: Orderly against Backpack+0.189%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.189% dearer against Backpack than usual: you sell high and buy low (spread +0.189% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000005176	0.1106	pay 0.0138% / 1h	4m 31s	$73K	$700K	15x
Short	Orderly PERP_1000PEPE_USDC	0.000005185	0.0364	get 0.0364% / 8h	4h 04m	$34K	$24K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.189%Rate

Funding earned: −$155.8
Price spread: +0.189% → 0.000%: $18.94
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$152.87
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Backpack: live order book, 54 min ago; Orderly: no order-book sample. Net counts fees only.

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, 54 min ago	0.10 bp	7.3 bp −$7	35.6 bp −$356	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000005173	−0.050%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005191	+0.294%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005180	+0.085%	$67K	$147K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005192	+0.313%	$100.6M	$361.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005173	−0.050%	$168.1M	$83.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005192	+0.317%	$26.7M	$66.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005177	+0.019%	$822K	$4.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005186	+0.199%	$37K	$491K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005190	+0.276%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005171	−0.091%	$599K	$3.8M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005201	+0.481%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0230%	8h	0.000005196	+0.394%	$48.1M	$181.9M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005212	+0.703%	$3K	$110K	12x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0364%	8h	0.000005185	+0.189%	$34K	$24K	20x
OKX PEPE-USDT-SWAP	+0.0404%	8h	0.000005197	+0.413%	$48.2M	$640.5M	50x	as long as short
BloFin PEPE-USDT	+0.0523%	8h	0.000005181	+0.104%	$4.5M	$27.0M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0621%	8h	0.000005180	+0.083%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005186	+0.201%	$783K	$34.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0716%	1h	0.000005182	+0.124%	$73K	$125K	25x	as long as short
BingX 1000PEPE-USDT	+0.0727%	8h	0.000005178	+0.046%	—	$263.2M	—	as long as short
SoDEX 1000PEPE-USD	+0.0763%	1h	0.000005182	+0.124%	$2K	$10K	10x	as long as short
MEXC PEPE_USDT	+0.0764%	8h	0.000005197	+0.419%	$100.9M	$293.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0768%	8h	0.000005192	+0.319%	$149.3M	$1.27B	75x	as long as short
Extended 1000PEPE-USD	+0.0768%	1h	0.000005179	+0.070%	$549K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0768%	1h	0.000005185	+0.182%	$147K	—	3x	as long as short
Paradex kPEPE-USD-PERP	+0.0813%	8h	0.000005181	+0.095%	$6K	—	20x	as long as short
Lighter 1000PEPE	+0.0824%	1h	0.000005183	+0.143%	$632K	$8.4M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0833% / S −0.1691%	1h	0.000005000	−3.393%	$63K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0876%	8h	0.000005179	+0.066%	$1.9M	$9.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0915%	1h	0.000005178	+0.046%	$104K	$745K	25x	as long as short
Nado kPEPE-PERP	+0.0962%	1h	0.000005199	+0.461%	$188K	$904K	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.1106%	1h	0.000005176	long leg	$73K	$700K	15x
01 Exchange kPEPEUSD	+0.1120%	1h	0.000005188	+0.240%	$626	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1258%	1h	0.000005178	+0.050%	$4.7M	$16.1M	50x	as long as short
Hyperliquid kPEPE	+0.1557%	1h	0.000005204	+0.549%	$56.5M	$142.8M	10x	as long as short