Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0483%/8h= +52.9% APRpaid last 24h +0.077%

Price spread now: Backpack against Bitget−0.023%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.023%, 7d avg −0.018%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.226% in total (about 11.8% 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	Bitget PEPEUSDT	0.000004867	0.0161	pay 0.0161% / 8h	1h 39m	$42.8M	$151.5M	75x
Short	Backpack kPEPE_USDC_PERP	0.000004866	0.0644	get 0.0080% / 1h	39m 07s	$92K	$614K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: $101.41
Price spread: −0.023% → −0.018%: −$0.42
Slippage, 4 orders: −$16.07
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $62.92
Costs to cover: 0.381%
Break-even: 2.7 days

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 45 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 Bitget live order book, 5 min ago	1.55 bp	9.7 bp −$10	14.7 bp −$147	29.3 bp −$2,931	doesn't fit
Sell Backpack live order book, 45 min ago	0.10 bp	5.4 bp −$5	17.0 bp −$170	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	0.000004866	−0.031%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004861	−0.127%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004869	+0.033%	$614K	$5.4M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004864	−0.070%	$61.7M	$77.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004870	+0.053%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004864	−0.062%	$88.1M	$279.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004863	−0.090%	$152.2M	$62.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004864	−0.060%	$25.1M	$53.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004864	−0.071%	$583K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004863	−0.099%	$27K	$342K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004871	+0.080%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004866	−0.029%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004872	+0.086%	$551K	$3.5M	75x	as long as short
Bitget PEPEUSDTlong	+0.0161%	8h	0.000004867	long leg	$42.8M	$151.5M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004867	−0.016%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0201%	8h	0.000004868	+0.012%	$41.9M	$495.6M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0215%	1h	0.000004000	−17.821%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004870	+0.053%	$3.9M	$22.3M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0404%	8h	0.000004868	+0.011%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0414%	8h	0.000004869	+0.023%	$2.3M	$6.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0442%	8h	0.000004863	−0.099%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004863	−0.090%	$616K	$25.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.0504%	1h	0.000004863	−0.090%	$557	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0573%	1h	0.000004866	−0.029%	$82K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0644%	1h	0.000004866	−0.023%	$92K	$614K	15x
Nado kPEPE-PERP	+0.0728%	1h	0.000004866	−0.038%	$187K	$854K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0783%	1h	0.000004859	−0.173%	$103K	$763K	25x	as long as short
BingX 1000PEPE-USDC	+0.0827%	8h	0.000004867	−0.012%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0844%	8h	0.000004869	+0.041%	$92.8M	$283.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0844%	8h	0.000004866	−0.035%	$131.1M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0848%	1h	0.000004864	−0.072%	$535K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0848%	1h	0.000004867	−0.008%	$138K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004877	+0.197%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDT	+0.0876%	8h	0.000004869	+0.027%	$1.5M	$7.0M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.1311%	1h	0.000004864	−0.065%	$4.0M	$13.3M	50x	as long as short