Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h +0.100%

Price spread now: Injective against Bybit−0.097%98s7-day average +0.586% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as 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−$1061.057% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.456%+$46 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now −0.097%, 7d avg +0.586%

Together, before fees+0.619%+$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.683% cheaper against Bybit than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of +0.586%). If the spread goes back, that is −$68 on $10k: about 15 days of funding at the current rate (+$5 a day). The two prices were read 98 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	Bybit 1000PEPEUSDT	0.000005260	0.0100	pay 0.0100% / 8h	4h 01m	$103.0M	$364.3M	50x
Short	Injective PEPE/USDC PERP	0.000005255	0.0254	get 0.0032% / 1h	1m 42s	$3K	$110K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.097%Rate

Funding earned: $32.32
Price spread: −0.097% → +0.586%: −$68.28
Slippage, 4 orders: −$94.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$141.63
Costs to cover: 1.057%
Break-even: 37.7 days

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 57 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, 2 min ago	0.95 bp	8.0 bp −$8	15.6 bp −$156	46.8 bp −$4,683	doesn't fit
Sell Injective live order book, 57 min ago	34.65 bp	34.7 bp −$35	doesn't fit	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	0.000005255	−0.097%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005255	−0.091%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005264	+0.074%	$68K	$147K	10x	as long as short
Bybit 1000PEPEUSDTlong	+0.0100%	8h	0.000005260	long leg	$103.0M	$364.3M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005258	−0.040%	$171.5M	$84.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005266	+0.120%	$27.1M	$66.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005177	−1.588%	$822K	$4.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005181	−1.498%	$37K	$491K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005267	+0.141%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005238	−0.426%	$607K	$3.8M	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	0.000005257	−0.052%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0233%	8h	0.000005256	−0.072%	$48.4M	$183.0M	75x	as long as short
Injective PEPE/USDC PERPshort	+0.0254%	1h	0.000005255	−0.097%	$3K	$110K	12x
Orderly PERP_1000PEPE_USDC	+0.0366%	8h	0.000005263	+0.057%	$35K	$25K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0400%	8h	0.000005265	+0.093%	$50.7M	$655.5M	50x	as long as short
BloFin PEPE-USDT	+0.0525%	8h	0.000005259	−0.021%	$4.6M	$27.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0608%	8h	0.000005269	+0.165%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005258	−0.040%	$770K	$35.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0701%	1h	0.000005260	−0.002%	$75K	$126K	25x	as long as short
BingX 1000PEPE-USDC	+0.0725%	8h	0.000005253	−0.135%	—	$2.3M	—	as long as short
SoDEX 1000PEPE-USD	+0.0765%	1h	0.000005263	+0.055%	$2K	$10K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0768%	1h	0.000005257	−0.059%	$149K	—	3x	as long as short
MEXC PEPE_USDT	+0.0775%	8h	0.000005260	−0.004%	$101.2M	$294.3M	300x	as long as short
Extended 1000PEPE-USD	+0.0776%	1h	0.000005254	−0.113%	$557K	$226K	25x	as long as short
Binance 1000PEPEUSDT	+0.0781%	8h	0.000005267	+0.141%	$151.4M	$1.28B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0796%	8h	0.000005259	−0.020%	$6K	—	20x	as long as short
Lighter 1000PEPE	+0.0808%	1h	0.000005264	+0.074%	$644K	$8.4M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0844% / S −0.1715%	1h	0.000005000	−4.945%	$64K	—	100x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0872%	1h	0.000005178	−1.561%	$104K	$746K	25x	as long as short
Aster 1000PEPEUSDT	+0.0899%	8h	0.000005258	−0.041%	$1.9M	$9.8M	50x	as long as short
Nado kPEPE-PERP	+0.0932%	1h	0.000005261	+0.020%	$184K	$909K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1120%	1h	0.000005263	+0.049%	$84K	$715K	15x	as long as short
01 Exchange kPEPEUSD	+0.1128%	1h	0.000005267	+0.131%	$635	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1238%	1h	0.000005261	+0.022%	$4.8M	$16.2M	50x	as long as short
Hyperliquid kPEPE	+0.1561%	1h	0.000005267	+0.131%	$57.1M	$143.2M	10x	as long as short