Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0837%/8h= +91.7% APRpaid last 24h +0.100%

Price spread now: Backpack against Bybit−0.250%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$460.459% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.284%+$28 on $10k

Price spread, last 4 days (all we have)+0.348%+$35 · spread now −0.250%, 7d avg +0.046%

Together, before fees+0.632%+$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.296% cheaper against Bybit than usual: you would sell low and buy high (spread −0.250% now, against its 7-day average of +0.046%). If the spread goes back, that is −$30 on $10k: about 28 hours of funding at the current rate (+$25 a day). At the pace of the last 7 days (+0.284% in total) that is about 7.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.284% in total (about 14.8% 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	0.000005080	0.0100	pay 0.0100% / 8h	6h 08m	$98.8M	$326.1M	50x
Short	Backpack kPEPE_USDC_PERP	0.000005067	0.0937	get 0.0117% / 1h	8m 54s	$98K	$622K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.250%Rate

Funding earned: $175.79
Price spread: −0.250% → +0.046%: −$29.63
Slippage, 4 orders: −$24.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $100.3
Costs to cover: 0.459%
Break-even: 3.0 days

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 60 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, 5 min ago	0.99 bp	10.0 bp −$10	18.2 bp −$182	47.0 bp −$4,696	doesn't fit
Sell Backpack live order book, 60 min ago	4.93 bp	11.8 bp −$12	27.1 bp −$271	doesn't fit	doesn't fit

PEPE on 34 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	0.000005054	−0.510%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005063	−0.339%	$18K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005072	−0.156%	$62K	$127K	10x	as long as short
Bybit 1000PEPEUSDTlong	+0.0100%	8h	0.000005080	long leg	$98.8M	$326.1M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005081	+0.022%	$163.0M	$72.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005085	+0.100%	$25.5M	$61.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005086	+0.112%	$45.9M	$165.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005085	+0.093%	$648K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005092	+0.248%	$27K	$421K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005072	−0.148%	$1K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005073	−0.126%	$570K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005067	−0.260%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0255%	8h	0.000005085	+0.100%	$45.4M	$577.7M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0286%	8h	0.000005073	−0.142%	$33K	$24K	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0342%	1h	0.000005067	−0.254%	$61K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005076	−0.077%	$734K	$30.3M	50x	as long as short
BingX 1000PEPE-USDC	+0.0507%	8h	0.000005076	−0.083%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0525% / S −0.0556%	1h	0.000005000	−1.573%	$56K	—	100x	as long as short
Phemex u1000PEPEUSDT	+0.0529%	8h	0.000005064	−0.317%	$2.4M	$7.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0530%	1h	0.000005085	+0.100%	$105K	$748K	25x	as long as short
Extended 1000PEPE-USD	+0.0544%	1h	0.000005083	+0.061%	$556K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0544%	1h	0.000005083	+0.061%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0546%	8h	0.000005090	+0.209%	$95.6M	$292.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0547%	8h	0.000005087	+0.136%	$144.0M	$1.18B	75x	as long as short
SoDEX 1000PEPE-USD	+0.0616%	1h	0.000005072	−0.156%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0641%	8h	0.000005080	+0.010%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0643%	8h	0.000005070	−0.195%	$1.7M	$8.3M	50x	as long as short
Nado kPEPE-PERP	+0.0663%	1h	0.000005065	−0.298%	$192K	$886K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0822%	1h	0.000005069	−0.223%	$4.0M	$14.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005095	+0.297%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0937%	1h	0.000005067	−0.250%	$98K	$622K	15x
01 Exchange kPEPEUSD	+0.0960%	1h	0.000005073	−0.136%	$612	$3K	10x	as long as short
Lighter 1000PEPE	+0.1760%	1h	0.000005077	−0.057%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2056%	1h	0.000005075	−0.096%	$55.9M	$135.9M	10x	as long as short