Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0422%/8h= −46.2% APRpaid last 24h +0.066%

Price spread now: Backpack against BingX+0.146%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.146%, 7d avg −0.001%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.148% dearer against BingX than usual: you sell high and buy low (spread +0.146% now, against its 7-day average of −0.001%): +$15 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 28 hours. Mind the row above: over the last 7 days funding on this pair paid +0.132%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.132% in total (about 6.9% 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	BingX 1000PEPE-USDT	0.000004917	0.0765	pay 0.0765% / 8h	3h 00m	—	$253.7M	—
Short	Backpack kPEPE_USDC_PERP	0.000004924	0.0343	get 0.0043% / 1h	0m 11s	$99K	$588K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.146%Rate

Funding earned: −$88.54
Price spread: +0.146% → −0.001%: $14.78
Slippage, 4 orders: −$5.45
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$99.21
Costs to cover: 0.254%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Backpack: live order book, 28 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 BingX live order book, 9 min ago	0.10 bp	5.9 bp −$6	11.4 bp −$114	21.7 bp −$2,169	51.1 bp −$25.6K
Sell Backpack live order book, 28 min ago	0.10 bp	5.3 bp −$5	17.2 bp −$172	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
dYdX PEPE-USD	0.0000%	1h	0.000004914	−0.053%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004913	−0.077%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004918	+0.028%	$59K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004913	−0.069%	$89.1M	$268.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004918	+0.028%	$43.0M	$491.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004913	−0.073%	$150.1M	$60.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004916	−0.010%	$25.1M	$49.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004925	+0.162%	$724K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004930	+0.269%	$28K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004924	+0.144%	$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	0.000004920	+0.079%	$566K	$3.8M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0178%	1h	0.000004917	+0.008%	$2K	$9K	10x	as long as short
Bitget PEPEUSDT	+0.0184%	8h	0.000004918	+0.035%	$46.1M	$141.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004917	+0.010%	$7K	—	15x	as long as short
Hyperliquid kPEPE	+0.0202%	1h	0.000004915	−0.033%	$56.9M	$65.8M	10x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004922	+0.110%	$4.0M	$21.9M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0309% / S −0.0259%	1h	0.000004000	−18.643%	$48K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0342%	8h	0.000004919	+0.055%	$31K	$10K	20x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0343%	1h	0.000004924	+0.146%	$99K	$588K	15x
Paradex kPEPE-USD-PERP	+0.0369%	8h	0.000004929	+0.252%	$6K	$26	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0374%	1h	0.000004926	+0.191%	$102K	$755K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0418%	8h	0.000004919	+0.057%	$2.4M	$6.2M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004918	+0.028%	$631K	$25.4M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0564%	1h	0.000004919	+0.049%	$79K	$91K	25x	as long as short
Nado kPEPE-PERP	+0.0611%	1h	0.000004918	+0.021%	$194K	$857K	10x	as long as short
01 Exchange kPEPEUSD	+0.0648%	1h	0.000004919	+0.049%	$563	$2K	10x	as long as short
Lighter 1000PEPE	+0.0760%	1h	0.000004920	+0.069%	$597K	$5.0M	10x	as long as short
BingX 1000PEPE-USDTlong	+0.0765%	8h	0.000004917	long leg	—	$253.7M	—
Extended 1000PEPE-USD	+0.0800%	1h	0.000004917	+0.006%	$542K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004916	−0.012%	$139K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000004919	+0.045%	$132.1M	$992.3M	75x	as long as short
MEXC PEPE_USDT	+0.0802%	8h	0.000004922	+0.102%	$122.4M	$282.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0872%	8h	0.000004918	+0.023%	$1.5M	$6.9M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0921%	1h	0.000004917	+0.004%	$3.9M	$12.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.1046%	1h	0.000004915	−0.033%	$4K	$92K	12x	as long as short