Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.078%

Price spread now: Paradex against Backpack−0.628%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.628% cheaper against Backpack than usual: you would sell low and buy high (−$63 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kPEPE_USDC_PERP	0.000005061	0.0892	pay 0.0112% / 1h	52m 21s	$94K	$641K	15x
Short	Paradex kPEPE-USD-PERP	0.000005029	0.0803	get 0.0803% / 8h	4h 52m	$6K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.628%Rate

Funding earned: −$18.77
Price spread: −0.628% → 0.000%: −$62.77
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$95.54
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 7 min ago; Paradex: 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, 7 min ago	0.10 bp	7.3 bp −$7	35.6 bp −$356	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	0.000005031	−0.593%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005015	−0.917%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005040	−0.417%	$64K	$140K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005016	−0.899%	$97.8M	$343.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005020	−0.812%	$165.9M	$75.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005019	−0.836%	$25.8M	$63.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005057	−0.088%	$679K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005062	+0.017%	$31K	$450K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005048	−0.253%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005042	−0.371%	$574K	$3.6M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0154%	8h	0.000005022	−0.778%	$46.1M	$174.1M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0166%	1h	0.000005043	−0.358%	$100K	$742K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005022	−0.775%	$8K	—	15x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005044	−0.338%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0328%	8h	0.000005022	−0.769%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0362%	8h	0.000005019	−0.832%	$45.3M	$590.7M	50x	as long as short
BloFin PEPE-USDT	+0.0479%	8h	0.000005055	−0.121%	$4.3M	$25.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0537%	1h	0.000005058	−0.061%	$2K	$12K	10x	as long as short
BingX 1000PEPE-USDT	+0.0631%	8h	0.000005020	−0.816%	—	$261.5M	—	as long as short
Extended 1000PEPE-USD	+0.0664%	1h	0.000005017	−0.871%	$533K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0664%	1h	0.000005022	−0.773%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0667%	8h	0.000005019	−0.824%	$93.4M	$286.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0668%	8h	0.000005025	−0.710%	$141.2M	$1.22B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0671% / S −0.1045%	1h	0.000005000	−1.207%	$50K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005041	−0.397%	$954K	$31.7M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0687%	8h	0.000005051	−0.202%	$2.4M	$7.1M	50x	as long as short
Aster 1000PEPEUSDT	+0.0762%	8h	0.000005025	−0.703%	$1.8M	$9.2M	50x	as long as short
Paradex kPEPE-USD-PERPshort	+0.0803%	8h	0.000005029	−0.628%	$6K	—	20x
Nado kPEPE-PERP	+0.0870%	1h	0.000005022	−0.780%	$193K	$876K	10x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0892%	1h	0.000005061	long leg	$94K	$641K	15x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0937%	1h	0.000005060	−0.022%	$71K	$124K	25x	as long as short
01 Exchange kPEPEUSD	+0.0952%	1h	0.000005023	−0.753%	$606	$3K	10x	as long as short
Lighter 1000PEPE	+0.1016%	1h	0.000005044	−0.338%	$618K	$8.1M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1288%	1h	0.000005057	−0.077%	$4.4M	$15.4M	50x	as long as short
Hyperliquid kPEPE	+0.1391%	1h	0.000005027	−0.674%	$53.8M	$139.8M	10x	as long as short