Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0368%/8h= +40.3% APRpaid last 24h +0.044%

Price spread now: Injective against BingX+1.223%72s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1131.134% of the position

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Injective is 1.223% dearer against BingX than usual: you sell high and buy low: +$122 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 1000PEPE-USDC	0.000005043	0.0605	pay 0.0605% / 8h	5h 15m	—	$2.3M	—
Short	Injective PEPE/USDC PERP	0.000005105	0.0973	get 0.0122% / 1h	15m 59s	$4K	$102K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.223%Rate

Funding earned: $77.21
Price spread: +1.223% → 0.000%: $122.34
Slippage, 4 orders: −$103.43
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $86.1
Costs to cover: 1.134%
Break-even: from the start

Slippage from BingX: live order book, 8 min ago; Injective: live order book, 48 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, 8 min ago	1.20 bp	12.4 bp −$12	17.2 bp −$172	79.0 bp −$7,903	223.3 bp −$111.6K
Sell Injective live order book, 48 min ago	10.84 bp	10.8 bp −$11	doesn't fit	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	0.000005028	−0.294%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005039	−0.079%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005032	−0.224%	$64K	$139K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005041	−0.038%	$97.9M	$339.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005043	−0.006%	$164.9M	$75.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005042	−0.030%	$25.9M	$63.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005042	−0.035%	$687K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005023	−0.412%	$27K	$445K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005056	+0.248%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005044	+0.018%	$573K	$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	+0.0125%	8h	0.000005045	+0.038%	$46.3M	$173.0M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005039	−0.085%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0317%	8h	0.000005041	−0.054%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0339%	8h	0.000005046	+0.054%	$45.8M	$589.8M	50x	as long as short
BloFin PEPE-USDT	+0.0460%	8h	0.000005032	−0.224%	$4.3M	$25.1M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0561%	1h	0.000005044	+0.014%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0563%	1h	0.000005028	−0.303%	$99K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005051	+0.153%	$933K	$31.6M	50x	as long as short
BingX 1000PEPE-USDClong	+0.0605%	8h	0.000005043	long leg	—	$2.3M	—
GMX PEPE/USD [ETH-USDC]	L +0.0622% / S −0.0992%	1h	0.000005000	−0.859%	$49K	—	100x	as long as short
MEXC PEPE_USDT	+0.0637%	8h	0.000005044	+0.020%	$95.8M	$290.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0637%	8h	0.000005042	−0.030%	$140.9M	$1.21B	75x	as long as short
Extended 1000PEPE-USD	+0.0640%	1h	0.000005041	−0.043%	$533K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0640%	1h	0.000005043	−0.006%	$143K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0732%	8h	0.000005042	−0.035%	$1.8M	$9.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0737%	8h	0.000005049	+0.107%	$2.4M	$7.1M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0742%	1h	0.000005044	+0.014%	$71K	$124K	25x	as long as short
Nado kPEPE-PERP	+0.0792%	1h	0.000005036	−0.139%	$184K	$871K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0808%	8h	0.000005030	−0.255%	$6K	—	20x	as long as short
01 Exchange kPEPEUSD	+0.0968%	1h	0.000005045	+0.034%	$609	$3K	10x	as long as short
Injective PEPE/USDC PERPshort	+0.0973%	1h	0.000005105	+1.223%	$4K	$102K	12x
Backpack kPEPE_USDC_PERP	+0.0975%	1h	0.000005046	+0.048%	$96K	$627K	15x	as long as short
Lighter 1000PEPE	+0.1216%	1h	0.000005045	+0.034%	$674K	$8.1M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1380%	1h	0.000005041	−0.037%	$4.3M	$15.2M	50x	as long as short
Hyperliquid kPEPE	+0.1610%	1h	0.000005050	+0.133%	$54.0M	$139.5M	10x	as long as short