Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Bitget−0.252%55s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and gTrade (Gains Network) is 0.252% cheaper against Bitget than usual: you would sell low and buy high (−$25 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	Bitget PEPEUSDT	0.000004928	0.0169	pay 0.0169% / 8h	3h 26m	$46.6M	$139.1M	75x
Short	gTrade (Gains Network) PEPE/USD	0.000004915	L +0.0006% / S −0.0006%	get 0.0001% / 1h	26m 30s	$15K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.252%Rate

Funding earned: −$34.24
Price spread: −0.252% → 0.000%: −$25.16
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$81.4
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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	2.03 bp	9.6 bp −$10	12.6 bp −$126	35.2 bp −$3,524	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004936	+0.166%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USDshort	L +0.0006% / S −0.0006%	1h	0.000004915	−0.252%	$15K	—	150x
Pacifica kPEPE	+0.0100%	1h	0.000004937	+0.187%	$59K	$105K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004927	−0.016%	$89.1M	$264.1M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004928	+0.004%	$43.3M	$487.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004933	+0.106%	$150.6M	$59.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004937	+0.195%	$25.1M	$48.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004963	+0.723%	$733K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004929	+0.020%	$28K	$331K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004924	−0.075%	$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	0.000004926	−0.041%	$570K	$3.7M	75x	as long as short
Bitget PEPEUSDTlong	+0.0169%	8h	0.000004928	long leg	$46.6M	$139.1M	75x
Reya kPEPERUSDPERP	+0.0188%	1h	0.000004929	+0.022%	$7K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0193%	1h	0.000004919	−0.179%	$2K	$9K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0197% / S −0.0087%	1h	0.000004000	−18.828%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004934	+0.126%	$4.1M	$21.5M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0321%	8h	0.000004917	−0.215%	$31K	$10K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0427%	1h	0.000004925	−0.057%	$102K	$757K	25x	as long as short
Hyperliquid kPEPE	+0.0435%	1h	0.000004930	+0.045%	$56.6M	$64.2M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0451%	8h	0.000004939	+0.233%	$6K	$26	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004919	−0.179%	$622K	$25.1M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0472%	8h	0.000004917	−0.209%	$2.4M	$6.2M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0485%	1h	0.000004920	−0.150%	$93K	$583K	15x	as long as short
Nado kPEPE-PERP	+0.0703%	1h	0.000004930	+0.042%	$193K	$851K	10x	as long as short
01 Exchange kPEPEUSD	+0.0712%	1h	0.000004940	+0.248%	$566	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0767%	1h	0.000004919	−0.179%	$79K	$91K	25x	as long as short
BingX 1000PEPE-USDC	+0.0779%	8h	0.000004941	+0.264%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004944	+0.325%	$543K	$145K	25x	as long as short
Binance 1000PEPEUSDT	+0.0809%	8h	0.000004935	+0.148%	$133.6M	$975.5M	75x	as long as short
MEXC PEPE_USDT	+0.0810%	8h	0.000004945	+0.355%	$117.3M	$270.5M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004919	−0.179%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0890%	8h	0.000004932	+0.088%	$1.5M	$6.7M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0920%	1h	0.000004919	−0.188%	$4.0M	$12.3M	50x	as long as short
Lighter 1000PEPE	+0.1040%	1h	0.000004945	+0.349%	$608K	$4.9M	10x	as long as short
Injective PEPE/USDC PERP	+0.1046%	1h	0.000004926	−0.037%	$5K	$81K	12x	as long as short