Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0451%/8h= +49.4% APRpaid last 24h +0.056%

Price spread now: Coinbase International against Bitget+0.221%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.221%, 7d avg −0.001%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.222% dearer against Bitget than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of −0.001%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% 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	0.000005022	0.0125	pay 0.0125% / 8h	5h 17m	$46.1M	$172.9M	75x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000005033	0.0576	get 0.0072% / 1h	17m 06s	$935K	$31.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.221%Rate

Funding earned: $94.71
Price spread: +0.221% → −0.001%: $22.22
Slippage, 4 orders: −$20.44
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $74.49
Costs to cover: 0.424%
Break-even: 1.5 days

Slippage from Bitget: live order book, 2 min ago; Coinbase International: live order book, 2 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, 2 min ago	1.20 bp	9.4 bp −$9	12.3 bp −$123	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	4.98 bp	13.8 bp −$14	19.7 bp −$197	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	0.000005009	−0.266%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005006	−0.313%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005015	−0.137%	$64K	$139K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005022	−0.008%	$97.6M	$339.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005031	+0.181%	$164.5M	$75.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005035	+0.263%	$25.9M	$63.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005020	−0.046%	$680K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005023	+0.013%	$27K	$445K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005021	−0.010%	$1K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005018	−0.070%	$571K	$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 PEPEUSDTlong	+0.0125%	8h	0.000005022	long leg	$46.1M	$172.9M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005010	−0.236%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0318%	8h	0.000005029	+0.151%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0337%	8h	0.000005038	+0.321%	$45.3M	$588.5M	50x	as long as short
BloFin PEPE-USDT	+0.0460%	8h	0.000005032	+0.201%	$4.3M	$25.1M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0556%	1h	0.000005027	+0.102%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0563%	1h	0.000005028	+0.121%	$99K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0576%	1h	0.000005033	+0.221%	$935K	$31.4M	50x
BingX 1000PEPE-USDC	+0.0593%	8h	0.000005024	+0.036%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0620% / S −0.1123%	1h	0.000005000	−0.436%	$47K	—	100x	as long as short
MEXC PEPE_USDT	+0.0637%	8h	0.000005037	+0.299%	$95.7M	$290.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0637%	8h	0.000005029	+0.144%	$140.6M	$1.21B	75x	as long as short
Extended 1000PEPE-USD	+0.0640%	1h	0.000005027	+0.096%	$530K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0640%	1h	0.000005027	+0.102%	$142K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0728%	8h	0.000005028	+0.126%	$1.8M	$9.1M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0746%	1h	0.000005026	+0.082%	$71K	$124K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0752%	8h	0.000005022	−0.008%	$2.4M	$7.1M	50x	as long as short
Nado kPEPE-PERP	+0.0810%	1h	0.000005013	−0.181%	$183K	$871K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0812%	8h	0.000005013	−0.187%	$6K	—	20x	as long as short
01 Exchange kPEPEUSD	+0.0968%	1h	0.000005015	−0.137%	$605	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0969%	1h	0.000005030	+0.159%	$97K	$627K	15x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+1.655%	$4K	$102K	12x	as long as short
Lighter 1000PEPE	+0.1216%	1h	0.000005032	+0.201%	$672K	$8.1M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1384%	1h	0.000005027	+0.094%	$4.3M	$15.2M	50x	as long as short
Hyperliquid kPEPE	+0.1613%	1h	0.000005041	+0.380%	$53.8M	$139.4M	10x	as long as short