Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0290%/8h= −31.8% APRpaid last 24h +0.023%

Price spread now: Coinbase International against BingX−0.135%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$5 on $10k

Price spread, last 3 days (all we have)+0.240%+$24 · spread now −0.135%, 7d avg +0.020%

Together, before fees+0.185%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Coinbase International is 0.155% cheaper against BingX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.055% in total (about -2.9% 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-USDC	0.000004883	0.0754	pay 0.0754% / 8h	2h 45m	—	$2.3M	—
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004876	0.0464	get 0.0058% / 1h	45m 51s	$595K	$25.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$60.9
Price spread: −0.135% → +0.020%: −$15.53
Slippage, 4 orders: −$29.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$125.9
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	1.12 bp	13.5 bp −$14	26.2 bp −$262	102.2 bp −$10.2K	270.3 bp −$135.1K
Sell Coinbase International live order book, 3 min ago	5.11 bp	13.6 bp −$14	17.5 bp −$175	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	0.000004897	+0.295%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004876	−0.131%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004881	−0.033%	$56.7M	$68.8M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004900	+0.356%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004877	−0.117%	$89.0M	$271.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004878	−0.094%	$148.9M	$60.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004877	−0.111%	$25.2M	$51.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.780%	$708K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004879	−0.083%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004890	+0.147%	$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	0.000004885	+0.055%	$555K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0112%	8h	0.000004883	+0.008%	$42.1M	$494.3M	50x	as long as short
Bitget PEPEUSDT	+0.0172%	8h	0.000004879	−0.082%	$44.8M	$150.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004886	+0.069%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0230%	8h	0.000004894	+0.233%	$4.0M	$21.8M	75x	as long as short
Lighter 1000PEPE	+0.0240%	1h	0.000004880	−0.053%	$570K	$5.0M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0320% / S −0.0217%	1h	0.000004000	−18.076%	$53K	—	100x	as long as short
Backpack kPEPE_USDC_PERP	+0.0322%	1h	0.000004882	−0.023%	$106K	$619K	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0349%	8h	0.000004899	+0.332%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0357%	8h	0.000004884	+0.027%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0419%	8h	0.000004884	+0.037%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0464%	1h	0.000004876	−0.135%	$595K	$25.5M	50x
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004908	+0.520%	$4K	$92K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0570%	1h	0.000004882	−0.012%	$82K	$94K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0629%	1h	0.000004880	−0.053%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0638%	1h	0.000004890	+0.145%	$182K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0751%	1h	0.000004877	−0.106%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDClong	+0.0754%	8h	0.000004883	long leg	—	$2.3M	—
ApeX Omni 1000PEPEUSDT	+0.0766%	1h	0.000004850	−0.668%	$101K	$757K	25x	as long as short
MEXC PEPE_USDT	+0.0798%	8h	0.000004881	−0.035%	$91.7M	$287.6M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004884	+0.029%	$138K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0805%	8h	0.000004883	+0.007%	$128.9M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004881	−0.036%	$538K	$146K	25x	as long as short
Aster 1000PEPEUSDT	+0.0868%	8h	0.000004883	+0.010%	$1.6M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1544%	1h	0.000004907	+0.500%	$562	$2K	10x	as long as short