Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0342%/8h= +37.5% APRpaid last 24h −0.038%

Price spread now: Binance against Coinbase International+0.016%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

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

costs, in and out, $10k−$410.413% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now +0.016%, 7d avg +0.020%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.000% in total (about 0.0% 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	Coinbase International 1000PEPE-PERP-INTX	0.000004879	0.0464	pay 0.0058% / 1h	43m 39s	$583K	$25.7M	50x
Short	Binance 1000PEPEUSDT	0.000004880	0.0806	get 0.0806% / 8h	2h 43m	$128.9M	$1.01B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now +0.016%Rate

Funding earned: $71.84
Price spread: +0.016% → +0.020%: −$0.4
Slippage, 4 orders: −$21.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $30.09
Costs to cover: 0.413%
Break-even: 4.1 days

Slippage from Coinbase International: live order book, 5 min ago; Binance: live order book, 15 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 Coinbase International live order book, 5 min ago	5.11 bp	10.4 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.41 bp	9.7 bp −$10	16.3 bp −$163	41.7 bp −$4,169	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	0.000004870	−0.187%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004878	−0.027%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004876	−0.061%	$56.8M	$69.0M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004876	−0.061%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004873	−0.125%	$88.9M	$271.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004876	−0.061%	$148.9M	$60.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004876	−0.064%	$25.2M	$51.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004899	+0.400%	$716K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004908	+0.588%	$28K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004887	+0.164%	$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	0.000004886	+0.135%	$555K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0112%	8h	0.000004878	−0.020%	$42.0M	$494.0M	50x	as long as short
Bitget PEPEUSDT	+0.0171%	8h	0.000004876	−0.070%	$44.7M	$150.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004885	+0.125%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0232%	8h	0.000004880	+0.020%	$3.9M	$21.7M	75x	as long as short
Lighter 1000PEPE	+0.0264%	1h	0.000004877	−0.041%	$599K	$5.1M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0307%	1h	0.000004879	+0.006%	$105K	$620K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0319% / S −0.0217%	1h	0.000004000	−18.016%	$53K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0350%	8h	0.000004879	−0.006%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0360%	8h	0.000004883	+0.080%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0407%	8h	0.000004874	−0.113%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0464%	1h	0.000004879	long leg	$583K	$25.7M	50x
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004888	+0.184%	$4K	$92K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0570%	1h	0.000004882	+0.061%	$82K	$94K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0579%	1h	0.000004881	+0.041%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0648%	1h	0.000004882	+0.061%	$182K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0750%	1h	0.000004880	+0.016%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDC	+0.0754%	8h	0.000004874	−0.098%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004889	+0.205%	$138K	—	3x	as long as short
MEXC PEPE_USDT	+0.0805%	8h	0.000004880	+0.012%	$91.5M	$287.9M	300x	as long as short
Binance 1000PEPEUSDTshort	+0.0806%	8h	0.000004880	+0.016%	$128.9M	$1.01B	75x
Extended 1000PEPE-USD	+0.0808%	1h	0.000004880	+0.012%	$538K	$146K	25x	as long as short
Aster 1000PEPEUSDT	+0.0866%	8h	0.000004880	+0.025%	$1.6M	$6.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0899%	1h	0.000004912	+0.676%	$102K	$758K	25x	as long as short
01 Exchange kPEPEUSD	+0.1472%	1h	0.000004887	+0.164%	$560	$2K	10x	as long as short