Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.035%

Price spread now: BloFin against Coinbase International−0.255%58s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as 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−$450.451% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 4 days (all we have)+0.333%+$33 · spread now −0.255%, 7d avg −0.040%

Together, before fees+0.525%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.215% cheaper against Coinbase International than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.193%, so the current rate has only just turned against you. The two prices were read 58 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	Coinbase International 1000PEPE-PERP-INTX	0.000005106	0.0680	pay 0.0085% / 1h	17m 48s	$655K	$37.6M	50x
Short	BloFin PEPE-USDT	0.000005093	0.0546	get 0.0546% / 8h	2h 17m	$4.4M	$28.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.255%Rate

Funding earned: −$28.17
Price spread: −0.255% → −0.040%: −$21.5
Slippage, 4 orders: −$23.11
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$94.78
Costs to cover: 0.451%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; BloFin: live order book, 6 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, 1 min ago	3.93 bp	11.6 bp −$12	17.5 bp −$175	85.6 bp −$8,555	doesn't fit
Sell BloFin live order book, 6 min ago	3.98 bp	10.1 bp −$10	11.8 bp −$118	29.5 bp −$2,950	95.7 bp −$47.9K

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	0.000005079	−0.529%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005099	−0.139%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005081	−0.490%	$58K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005080	−0.509%	$99.7M	$407.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005079	−0.529%	$162.5M	$94.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005082	−0.480%	$25.3M	$71.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005062	−0.869%	$602K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005066	−0.790%	$28K	$539K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005109	+0.067%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005101	−0.092%	$573K	$4.1M	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	0.000005104	−0.030%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0244%	1h	0.000005102	−0.078%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0334%	8h	0.000005072	−0.674%	$45.3M	$211.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0393%	8h	0.000005102	−0.076%	$34K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0423%	8h	0.000005079	−0.529%	$46.8M	$698.9M	50x	as long as short
BloFin PEPE-USDTshort	+0.0546%	8h	0.000005093	−0.255%	$4.4M	$28.6M	75x
Paradex kPEPE-USD-PERP	+0.0569%	8h	0.000005080	−0.518%	$6K	—	20x	as long as short
Phemex u1000PEPEUSDT	+0.0606%	8h	0.000005104	−0.031%	$2.4M	$7.9M	50x	as long as short
Lighter 1000PEPE	+0.0648%	1h	0.000005086	−0.392%	$602K	$9.1M	10x	as long as short
Nado kPEPE-PERP	+0.0660%	1h	0.000005109	+0.062%	$169K	$944K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0672%	1h	0.000005094	−0.241%	$74K	$835K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0680%	1h	0.000005106	long leg	$655K	$37.6M	50x
01 Exchange kPEPEUSD	+0.0688%	1h	0.000005109	+0.059%	$616	$3K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0717%	1h	0.000005024	−1.606%	$154K	$813K	25x	as long as short
BingX 1000PEPE-USDC	+0.0751%	8h	0.000005086	−0.396%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005082	−0.470%	$539K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005106	0.000%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0802%	8h	0.000005077	−0.560%	$98.1M	$303.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000005078	−0.550%	$142.0M	$1.42B	75x	as long as short
Kraken Futures PF_PEPEUSD	+0.0837%	1h	0.000005100	−0.125%	$4.6M	$16.7M	50x	as long as short
Aster 1000PEPEUSDT	+0.0845%	8h	0.000005084	−0.435%	$1.8M	$11.3M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0927%	1h	0.000005103	−0.059%	$73K	$127K	25x	as long as short
Hyperliquid kPEPE	+0.1000%	1h	0.000005088	−0.353%	$53.9M	$152.9M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1131% / S −0.2171%	1h	0.000005000	−2.076%	$64K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005027	−1.547%	$3K	$111K	12x	as long as short