Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0278%/8h= −30.4% APRpaid last 24h −0.064%

Price spread now: OKX against Coinbase International−0.357%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.366%+$37 · spread now −0.357%, 7d avg −0.021%

Together, before fees+0.332%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and OKX is 0.336% cheaper against Coinbase International than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.034% in total (about -1.8% 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	0.000005320	0.0712	pay 0.0089% / 1h	30m 42s	$651K	$36.7M	50x
Short	OKX PEPE-USDT-SWAP	0.000005301	0.0434	get 0.0434% / 8h	3h 30m	$51.9M	$681.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.357%Rate

Funding earned: −$58.37
Price spread: −0.357% → −0.021%: −$33.62
Slippage, 4 orders: −$19.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$131.21
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	4.72 bp	9.7 bp −$10	14.5 bp −$145	93.8 bp −$9,385	doesn't fit
Sell OKX live order book, 3 min ago	0.94 bp	7.1 bp −$7	14.9 bp −$149	47.9 bp −$4,787	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	0.000005299	−0.385%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005311	−0.179%	$15K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005327	+0.132%	$3K	$111K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005309	−0.207%	$70K	$155K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005295	−0.466%	$107.6M	$378.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005298	−0.414%	$175.7M	$87.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005305	−0.288%	$26.4M	$68.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005312	−0.158%	$747K	$5.1M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005295	−0.463%	$53K	$509K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005321	+0.023%	$2K	$2.5M	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	0.000005317	−0.051%	$608K	$3.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005314	−0.117%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0288%	8h	0.000005305	−0.286%	$51.7M	$189.8M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0388%	8h	0.000005314	−0.105%	$36K	$26K	20x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0434%	8h	0.000005301	−0.357%	$51.9M	$681.4M	50x
SoDEX 1000PEPE-USD	+0.0495%	1h	0.000005317	−0.056%	$2K	$10K	10x	as long as short
BloFin PEPE-USDT	+0.0560%	8h	0.000005312	−0.150%	$5.0M	$28.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0630%	8h	0.000005320	−0.008%	$2.6M	$7.5M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXlong	+0.0712%	1h	0.000005320	long leg	$651K	$36.7M	50x
Paradex kPEPE-USD-PERP	+0.0755%	8h	0.000005279	−0.771%	$6K	—	20x	as long as short
BingX 1000PEPE-USDC	+0.0763%	8h	0.000005300	−0.383%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0797%	8h	0.000005306	−0.258%	$104.2M	$295.0M	300x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005300	−0.378%	$562K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005306	−0.263%	$150K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0802%	8h	0.000005301	−0.352%	$154.6M	$1.32B	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0804%	1h	0.000005291	−0.545%	$162K	$808K	25x	as long as short
Nado kPEPE-PERP	+0.0860%	1h	0.000005312	−0.145%	$191K	$916K	10x	as long as short
Aster 1000PEPEUSDT	+0.0914%	8h	0.000005302	−0.346%	$1.9M	$10.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0939% / S −0.1863%	1h	0.000005000	−6.015%	$65K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.1024%	1h	0.000005303	−0.320%	$640	$3K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1069%	1h	0.000005315	−0.094%	$75K	$126K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.1225%	1h	0.000005323	+0.053%	$69K	$724K	15x	as long as short
Lighter 1000PEPE	+0.1248%	1h	0.000005317	−0.056%	$701K	$8.7M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1535%	1h	0.000005319	−0.014%	$4.9M	$16.4M	50x	as long as short
Hyperliquid kPEPE	+0.1645%	1h	0.000005315	−0.094%	$58.1M	$145.2M	10x	as long as short