Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h +0.107%

Price spread now: Hyperliquid against Bybit−0.063%7-day average +0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.491%+$49 on $10k

Price spread, last 7 days+0.169%+$17 · spread now −0.063%, 7d avg +0.134%

Together, before fees+0.660%+ Points / potential airdropHyperliquid: Season 2 · farm board+$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.197% cheaper against Bybit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.134%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.491%, 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	Bybit 1000PEPEUSDT	0.000004762	0.0100	pay 0.0100% / 8h	34m 28s	$85.7M	$289.7M	50x
Short	Hyperliquid kPEPE	0.000004759	−0.0131	pay 0.0016% / 1h	34m 28s	$65.3M	$92.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$48.52
Price spread: −0.063% → +0.134%: −$19.68
Slippage, 4 orders: −$11.35
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$99.55
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 9 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	1.04 bp	8.4 bp −$8	11.5 bp −$115	30.7 bp −$3,075	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.08 bp	8.6 bp −$9	12.8 bp −$128	20.1 bp −$2,005	32.1 bp −$16.1K

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
Hyperliquid kPEPEshort	−0.0131%	1h	0.000004759	−0.063%	$65.3M	$92.2M	10x
dYdX PEPE-USD	0.0000%	1h	0.000004762	−0.002%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004760	−0.050%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004764	+0.035%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004765	+0.063%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDTlong	+0.0100%	8h	0.000004762	long leg	$85.7M	$289.7M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004763	+0.021%	$149.5M	$64.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004764	+0.052%	$24.3M	$54.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004765	+0.055%	$42.1M	$150.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004776	+0.293%	$585K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004782	+0.419%	$26K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004782	+0.420%	$99K	$760K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004772	+0.218%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004765	+0.063%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004768	+0.128%	$540K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0152%	1h	0.000004767	+0.105%	$605K	$6.3M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0188%	8h	0.000004765	+0.060%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004763	+0.029%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0198%	8h	0.000004768	+0.128%	$2.3M	$6.4M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0206%	8h	0.000004764	+0.042%	$41.3M	$495.0M	50x	as long as short
01 Exchange kPEPEUSD	+0.0256%	1h	0.000004767	+0.105%	$546	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0328%	8h	0.000004763	+0.021%	$3.9M	$22.2M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0374% / S −0.0335%	1h	0.000004000	−16.002%	$47K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0399%	8h	0.000004762	+0.004%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004763	+0.021%	$575K	$25.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0421%	1h	0.000004765	+0.057%	$90K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004775	+0.273%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0590%	1h	0.000004764	+0.042%	$77K	$98K	25x	as long as short
BingX 1000PEPE-USDT	+0.0617%	8h	0.000004763	+0.029%	—	$256.8M	—	as long as short
Extended 1000PEPE-USD	+0.0632%	1h	0.000004765	+0.055%	$524K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0632%	1h	0.000004766	+0.084%	$135K	—	3x	as long as short
MEXC PEPE_USDT	+0.0634%	8h	0.000004765	+0.055%	$91.6M	$280.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0634%	8h	0.000004766	+0.084%	$130.5M	$1.06B	75x	as long as short
Aster 1000PEPEUSDT	+0.0637%	8h	0.000004768	+0.117%	$1.5M	$7.3M	50x	as long as short
Nado kPEPE-PERP	+0.0734%	1h	0.000004763	+0.021%	$182K	$849K	10x	as long as short