Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0152%/8h= +16.7% APRpaid last 24h −0.147%

Price spread now: Phemex against Backpack−0.033%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$650.654% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.307%−$31 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.033%, 7d avg +0.033%

Together, before fees−0.221%−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.066% cheaper against Backpack than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.033%). If the spread goes back, that is −$7 on $10k: about 35 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.307%, 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	0.000005160	0.0410	pay 0.0051% / 1h	42m 43s	$74K	$855K	15x
Short	Phemex u1000PEPEUSDT	0.000005159	0.0563	get 0.0563% / 8h	1h 42m	$2.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.033%Rate

Funding earned: $31.99
Price spread: −0.033% → +0.033%: −$6.6
Slippage, 4 orders: −$43.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$40.01
Costs to cover: 0.654%
Break-even: 15.8 days

Slippage from Backpack: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	0.10 bp	5.3 bp −$5	30.5 bp −$305	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	12.79 bp	29.0 bp −$29	46.1 bp −$461	doesn't fit	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
Injective PEPE/USDC PERP	−0.0016%	1h	0.000005154	−0.124%	$10K	$119K	12x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005149	−0.228%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005160	−0.008%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005153	−0.143%	$60K	$180K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005144	−0.318%	$101.3M	$415.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005158	−0.047%	$164.6M	$96.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005154	−0.122%	$26.0M	$72.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005133	−0.539%	$612K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005145	−0.294%	$28K	$543K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005171	+0.200%	$1K	$2.6M	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	0.000005164	+0.070%	$595K	$4.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0105%	1h	0.000005157	−0.066%	$2K	$11K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005163	+0.043%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0297%	8h	0.000005152	−0.157%	$46.1M	$214.6M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0332%	1h	0.000005161	+0.012%	$74K	$127K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0383%	8h	0.000005163	+0.058%	$34K	$26K	20x	as long as short
Backpack kPEPE_USDC_PERPlong	+0.0410%	1h	0.000005160	long leg	$74K	$855K	15x
OKX PEPE-USDT-SWAP	+0.0417%	8h	0.000005147	−0.260%	$48.2M	$726.4M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0452%	1h	0.000005159	−0.019%	$4.7M	$16.8M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0456%	1h	0.000005149	−0.221%	$156K	$821K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0503%	8h	0.000005149	−0.215%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0542%	8h	0.000005159	−0.027%	$4.6M	$29.6M	75x	as long as short
Lighter 1000PEPE	+0.0560%	1h	0.000005156	−0.085%	$619K	$9.0M	10x	as long as short
Phemex u1000PEPEUSDTshort	+0.0563%	8h	0.000005159	−0.033%	$2.4M	$8.0M	50x
Coinbase International 1000PEPE-PERP-INTX	+0.0624%	1h	0.000005164	+0.070%	$673K	$38.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.0656%	1h	0.000005183	+0.438%	$625	$3K	10x	as long as short
Nado kPEPE-PERP	+0.0728%	1h	0.000005163	+0.043%	$164K	$957K	10x	as long as short
BingX 1000PEPE-USDT	+0.0735%	8h	0.000005161	+0.019%	—	$217.5M	—	as long as short
Aevo 1000PEPE-PERP	+0.0768%	1h	0.000005167	+0.128%	$146K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0773%	8h	0.000005152	−0.160%	$142.7M	$1.45B	75x	as long as short
MEXC PEPE_USDT	+0.0773%	8h	0.000005150	−0.209%	$99.3M	$303.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0776%	1h	0.000005161	+0.008%	$547K	$286K	25x	as long as short
Aster 1000PEPEUSDT	+0.0784%	8h	0.000005152	−0.158%	$1.8M	$11.7M	50x	as long as short
Hyperliquid kPEPE	+0.0979%	1h	0.000005164	+0.070%	$55.3M	$154.8M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1133% / S −0.2351%	1h	0.000005000	−3.108%	$64K	—	100x	as long as short