Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.001%

Price spread now: BingX against Coinbase International+0.360%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$580.578% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 3 days (all we have)−0.379%−$38 · spread now +0.360%, 7d avg −0.027%

Together, before fees−0.293%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.387% dearer against Coinbase International than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000005029	0.0368	pay 0.0046% / 1h	16m 59s	$684K	$27.6M	50x
Short	BingX 1000PEPE-USDC	0.000005047	0.0465	get 0.0465% / 8h	7h 16m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.360%Rate

Funding earned: $20.37
Price spread: +0.360% → −0.027%: $38.72
Slippage, 4 orders: −$37.75
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $1.33
Costs to cover: 0.578%
Break-even: 6.5 days

Slippage from Coinbase International: live order book, 2 min ago; BingX: live order book, 2 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, 2 min ago	3.99 bp	12.9 bp −$13	18.4 bp −$184	126.0 bp −$12.6K	doesn't fit
Sell BingX live order book, 2 min ago	1.30 bp	12.1 bp −$12	16.0 bp −$160	85.4 bp −$8,536	216.2 bp −$108.1K

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
Kraken Futures PF_PEPEUSD	−0.0117%	1h	0.000005021	−0.169%	$3.9M	$14.2M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005013	−0.324%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005016	−0.251%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005019	−0.199%	$59K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005043	+0.278%	$94.6M	$307.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005037	+0.159%	$161.6M	$68.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005041	+0.237%	$25.9M	$57.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005045	+0.318%	$44.1M	$153.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005008	−0.424%	$576K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005015	−0.277%	$52K	$379K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005028	−0.024%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005022	−0.139%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005024	−0.105%	$567K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005013	−0.322%	$2.4M	$6.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005020	−0.176%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0192%	8h	0.000005049	+0.398%	$44.9M	$542.2M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0237%	8h	0.000005019	−0.205%	$6K	$16	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0242%	1h	0.000005019	−0.199%	$104K	$749K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0275%	8h	0.000005020	−0.171%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0310%	8h	0.000005024	−0.099%	$4.0M	$24.1M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0368%	1h	0.000005029	long leg	$684K	$27.6M	50x
BingX 1000PEPE-USDCshort	+0.0465%	8h	0.000005047	+0.360%	—	$2.3M	—
Binance 1000PEPEUSDT	+0.0479%	8h	0.000005047	+0.355%	$139.4M	$1.11B	75x	as long as short
Extended 1000PEPE-USD	+0.0480%	1h	0.000005045	+0.326%	$555K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0480%	8h	0.000005046	+0.340%	$100.1M	$288.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005011	−0.358%	$142K	—	3x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0485% / S −0.0460%	1h	0.000005000	−0.577%	$58K	—	100x	as long as short
Lighter 1000PEPE	+0.0504%	1h	0.000005028	−0.020%	$655K	$6.8M	10x	as long as short
Aster 1000PEPEUSDT	+0.0517%	8h	0.000005030	+0.026%	$1.4M	$7.5M	50x	as long as short
Nado kPEPE-PERP	+0.0529%	1h	0.000005022	−0.142%	$190K	$862K	10x	as long as short
01 Exchange kPEPEUSD	+0.0544%	1h	0.000005030	+0.020%	$1K	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0576%	1h	0.000005032	+0.064%	$95K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005032	+0.060%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0747%	1h	0.000005022	−0.139%	$61K	$114K	25x	as long as short
Hyperliquid kPEPE	+0.1611%	1h	0.000005058	+0.577%	$57.6M	$129.0M	10x	as long as short