Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h +0.060%

Price spread now: Hyperliquid against BloFin+0.125%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now +0.125%, 7d avg +0.128%

Together, before fees+0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.128%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.192%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PEPE-USDT	0.000004813	0.0235	pay 0.0235% / 8h	2h 38m	$3.9M	$21.5M	75x
Short	Hyperliquid kPEPE	0.000004819	0.0100	get 0.0013% / 1h	38m 50s	$56.6M	$69.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$28.31
Price spread: +0.125% → +0.128%: −$0.34
Slippage, 4 orders: −$20.18
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.83
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: live order book, 5 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, 5 min ago	2.05 bp	10.7 bp −$11	14.8 bp −$148	34.4 bp −$3,436	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.06 bp	11.1 bp −$11	19.6 bp −$196	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	0.000004804	−0.191%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004813	+0.010%	$14K	—	150x	as long as short
Hyperliquid kPEPEshort	+0.0100%	1h	0.000004819	+0.125%	$56.6M	$69.4M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004814	+0.021%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004804	−0.187%	$88.6M	$272.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004813	0.000%	$148.4M	$61.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004818	+0.114%	$23.6M	$52.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004852	+0.800%	$713K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004858	+0.927%	$27K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004825	+0.243%	$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	0.000004819	+0.129%	$555K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0119%	8h	0.000004810	−0.062%	$41.5M	$488.3M	50x	as long as short
Bitget PEPEUSDT	+0.0169%	8h	0.000004818	+0.102%	$43.6M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004821	+0.163%	$7K	—	15x	as long as short
BloFin PEPE-USDTlong	+0.0235%	8h	0.000004813	long leg	$3.9M	$21.5M	75x
Lighter 1000PEPE	+0.0256%	1h	0.000004821	+0.166%	$595K	$5.1M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0297%	1h	0.000004821	+0.175%	$100K	$621K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.892%	$52K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0344%	8h	0.000004809	−0.087%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0367%	8h	0.000004822	+0.179%	$30K	$10K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004819	+0.125%	$590K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0482%	8h	0.000004817	+0.081%	$2.3M	$6.3M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0508%	1h	0.000004816	+0.062%	$2K	$9K	10x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004842	+0.603%	$4K	$92K	12x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000004856	+0.893%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0661%	1h	0.000004818	+0.103%	$180K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0760%	1h	0.000004817	+0.084%	$3.9M	$12.9M	50x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004813	−0.004%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0788%	1h	0.000004820	+0.145%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004821	+0.166%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0805%	8h	0.000004811	−0.033%	$89.9M	$288.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0807%	8h	0.000004814	+0.027%	$127.5M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004819	+0.122%	$529K	$146K	25x	as long as short
Aster 1000PEPEUSDT	+0.0851%	8h	0.000004821	+0.160%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1304%	1h	0.000004812	−0.021%	$551	$2K	10x	as long as short