Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0734%/8h= +80.4% APRpaid last 24h +0.052%

Price spread now: ApeX Omni against Bybit+0.714%99s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$430.430% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 4 days (all we have)−0.533%−$53 · spread now +0.714%, 7d avg +0.028%

Together, before fees−0.394%−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and ApeX Omni is 0.686% dearer against Bybit than usual: you sell high and buy low: +$69 more if the spread goes back to its 7-day average of +0.028%. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.3% 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	Bybit 1000PEPEUSDT	0.000005183	0.0100	pay 0.0100% / 8h	4h 25m	$101.1M	$355.0M	50x
Short	ApeX Omni 1000PEPEUSDT	0.000005220	0.0834	get 0.0104% / 1h	25m 49s	$104K	$743K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +0.714%Rate

Funding earned: $154.14
Price spread: +0.714% → +0.028%: $68.6
Slippage, 4 orders: −$21.96
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $179.77
Costs to cover: 0.430%
Break-even: from the start

Slippage from Bybit: live order book, 3 min ago; ApeX Omni: live order book, 33 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 Bybit live order book, 3 min ago	0.96 bp	8.4 bp −$8	16.8 bp −$168	38.2 bp −$3,822	doesn't fit
Sell ApeX Omni live order book, 33 min ago	3.94 bp	11.1 bp −$11	84.9 bp −$849	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	0.000005199	+0.308%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005194	+0.210%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005207	+0.463%	$66K	$144K	10x	as long as short
Bybit 1000PEPEUSDTlong	+0.0100%	8h	0.000005183	long leg	$101.1M	$355.0M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005188	+0.096%	$174.1M	$79.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005199	+0.303%	$26.3M	$65.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005200	+0.319%	$761K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005196	+0.254%	$37K	$459K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005209	+0.507%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005200	+0.330%	$590K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005214	+0.589%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0198%	8h	0.000005192	+0.174%	$48.0M	$178.6M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−0.193%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0347%	8h	0.000005208	+0.492%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0378%	8h	0.000005193	+0.193%	$49.2M	$628.5M	50x	as long as short
BloFin PEPE-USDT	+0.0497%	8h	0.000005214	+0.598%	$4.4M	$26.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0539%	8h	0.000005206	+0.444%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005200	+0.328%	$1.0M	$33.4M	50x	as long as short
BingX 1000PEPE-USDT	+0.0697%	8h	0.000005186	+0.062%	—	$262.7M	—	as long as short
Aevo 1000PEPE-PERP	+0.0736%	1h	0.000005211	+0.540%	$147K	—	3x	as long as short
MEXC PEPE_USDT	+0.0738%	8h	0.000005196	+0.253%	$98.5M	$290.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0741%	8h	0.000005192	+0.164%	$149.4M	$1.25B	75x	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000005198	+0.298%	$550K	$226K	25x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0775% / S −0.1561%	1h	0.000005000	−3.531%	$64K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0813%	8h	0.000005200	+0.328%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDTshort	+0.0834%	1h	0.000005220	+0.714%	$104K	$743K	25x
Nado kPEPE-PERP	+0.0841%	1h	0.000005215	+0.615%	$194K	$897K	10x	as long as short
Aster 1000PEPEUSDT	+0.0850%	8h	0.000005202	+0.370%	$1.9M	$9.5M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0859%	1h	0.000005209	+0.502%	$2K	$10K	10x	as long as short
Lighter 1000PEPE	+0.0872%	1h	0.000005212	+0.560%	$599K	$8.3M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0904%	1h	0.000005206	+0.444%	$74K	$125K	25x	as long as short
01 Exchange kPEPEUSD	+0.1160%	1h	0.000005192	+0.174%	$626	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1168%	1h	0.000005207	+0.465%	$99K	$666K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1250%	1h	0.000005209	+0.510%	$4.7M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1588%	1h	0.000005199	+0.309%	$56.1M	$141.8M	10x	as long as short