Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h +0.050%

Price spread now: Backpack against BloFin+0.400%66s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$470.472% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.697%−$70 · spread now +0.400%, 7d avg +0.007%

Together, before fees−0.740%−$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.393% dearer against BloFin than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of +0.007%. The two prices were read 66 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	BloFin PEPE-USDT	0.000004852	0.0220	pay 0.0220% / 8h	2h 49m	$4.0M	$21.7M	75x
Short	Backpack kPEPE_USDC_PERP	0.000004871	0.0265	get 0.0033% / 1h	49m 41s	$108K	$619K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.400%Rate

Funding earned: $9.51
Price spread: +0.400% → +0.007%: $39.33
Slippage, 4 orders: −$25.22
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1.62
Costs to cover: 0.472%
Break-even: 5.8 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 39 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 BloFin live order book, 4 min ago	10.39 bp	16.4 bp −$16	19.4 bp −$194	34.1 bp −$3,405	doesn't fit
Sell Backpack live order book, 39 min ago	0.10 bp	5.3 bp −$5	17.2 bp −$172	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	0.000004864	+0.247%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004869	+0.350%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004872	+0.412%	$545K	$5.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004869	+0.350%	$56.3M	$68.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004870	+0.371%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004870	+0.371%	$89.1M	$271.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004868	+0.330%	$148.5M	$60.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004866	+0.291%	$23.8M	$50.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.154%	$708K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	−0.449%	$27K	$336K	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	0.000004879	+0.556%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004873	+0.441%	$553K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0105%	8h	0.000004877	+0.515%	$41.8M	$493.1M	50x	as long as short
Bitget PEPEUSDT	+0.0174%	8h	0.000004871	+0.394%	$44.8M	$150.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004873	+0.432%	$7K	—	15x	as long as short
BloFin PEPE-USDTlong	+0.0220%	8h	0.000004852	long leg	$4.0M	$21.7M	75x
Backpack kPEPE_USDC_PERPshort	+0.0265%	1h	0.000004871	+0.400%	$108K	$619K	15x
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0372%	1h	0.000004000	−17.560%	$42K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0339%	8h	0.000004878	+0.539%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0353%	8h	0.000004868	+0.322%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0424%	8h	0.000004874	+0.458%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004872	+0.412%	$598K	$25.5M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0516%	1h	0.000004838	−0.289%	$100K	$757K	25x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004856	+0.082%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0581%	1h	0.000004871	+0.392%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0701%	1h	0.000004877	+0.526%	$182K	$868K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0752%	1h	0.000004872	+0.412%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDC	+0.0756%	8h	0.000004870	+0.369%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0777%	1h	0.000004874	+0.453%	$82K	$94K	25x	as long as short
MEXC PEPE_USDT	+0.0791%	8h	0.000004880	+0.569%	$92.7M	$286.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004876	+0.493%	$535K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004878	+0.536%	$138K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0794%	8h	0.000004873	+0.430%	$130.9M	$1.01B	75x	as long as short
Aster 1000PEPEUSDT	+0.0854%	8h	0.000004873	+0.435%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1712%	1h	0.000004869	+0.350%	$558	$2K	10x	as long as short