Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.025%

Price spread now: Phemex against Coinbase International+0.113%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$570.566% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.097%+$10 · spread now +0.113%, 7d avg +0.028%

Together, before fees+0.055%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.084% dearer against Coinbase International than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000PEPE-PERP-INTX	0.000004797	0.0464	pay 0.0058% / 1h	28m 45s	$574K	$25.3M	50x
Short	Phemex u1000PEPEUSDT	0.000004802	0.0463	get 0.0463% / 8h	2h 28m	$2.3M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$0.19
Price spread: +0.113% → +0.028%: $8.41
Slippage, 4 orders: −$34.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.34
Costs to cover: 0.566%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Phemex: live order book, 5 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	4.15 bp	11.1 bp −$11	15.0 bp −$150	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	6.95 bp	13.3 bp −$13	31.8 bp −$318	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	0.000004799	+0.042%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004800	+0.058%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004804	+0.146%	$57.1M	$70.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004807	+0.208%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004801	+0.083%	$88.6M	$273.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004800	+0.063%	$149.3M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004805	+0.173%	$25.3M	$53.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	+0.048%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	+0.136%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004817	+0.409%	$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	0.000004810	+0.267%	$554K	$3.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0136%	8h	0.000004805	+0.167%	$41.3M	$488.4M	50x	as long as short
Bitget PEPEUSDT	+0.0173%	8h	0.000004801	+0.081%	$43.1M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004806	+0.189%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0255%	8h	0.000004802	+0.104%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.615%	$52K	—	100x	as long as short
Lighter 1000PEPE	+0.0360%	1h	0.000004805	+0.167%	$591K	$5.1M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0384%	8h	0.000004806	+0.196%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0408%	8h	0.000004806	+0.198%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDTshort	+0.0463%	8h	0.000004802	+0.113%	$2.3M	$6.4M	50x
Coinbase International 1000PEPE-PERP-INTXlong	+0.0464%	1h	0.000004797	long leg	$574K	$25.3M	50x
Backpack kPEPE_USDC_PERP	+0.0540%	1h	0.000004804	+0.148%	$95K	$622K	15x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004804	+0.146%	$4K	$92K	12x	as long as short
Nado kPEPE-PERP	+0.0697%	1h	0.000004809	+0.250%	$180K	$859K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0726%	1h	0.000004803	+0.125%	$99K	$759K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0730%	1h	0.000004806	+0.188%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004806	+0.183%	$3.9M	$13.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0774%	8h	0.000004807	+0.213%	—	$254.9M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0792%	1h	0.000004805	+0.167%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0816%	1h	0.000004806	+0.188%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0819%	8h	0.000004809	+0.252%	$90.5M	$290.0M	300x	as long as short
Extended 1000PEPE-USD	+0.0824%	1h	0.000004805	+0.172%	$526K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0826%	8h	0.000004808	+0.219%	$127.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004808	+0.221%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1232%	1h	0.000004820	+0.479%	$552	$2K	10x	as long as short