Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0272%/8h= +29.8% APRpaid last 24h −0.034%

Price spread now: Binance against Deribit+0.159%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Binance is 0.159% dearer against Deribit than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% 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	Deribit 1000PEPE_USDC-PERPETUAL	0.000004833	0.0578	pay 0.0072% / 1h	42m 55s	$82K	$94K	25x
Short	Binance 1000PEPEUSDT	0.000004841	0.0850	get 0.0850% / 8h	1h 42m	$130.4M	$1.03B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.159%Rate

Funding earned: $57.07
Price spread: +0.159% → 0.000%: $15.93
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $56
Costs to cover: 0.170%
Break-even: 0.1 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 16 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 16 min ago	0.10 bp	8.9 bp −$9	12.6 bp −$126	36.9 bp −$3,688	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004838	+0.104%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004828	−0.095%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004838	+0.103%	$623K	$5.4M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004838	+0.103%	$61.0M	$76.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004840	+0.145%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004839	+0.124%	$87.9M	$278.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004835	+0.041%	$150.9M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004842	+0.194%	$25.1M	$53.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	+0.249%	$545K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004840	+0.151%	$27K	$344K	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	0.000004849	+0.325%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004834	+0.021%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004844	+0.230%	$550K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0167%	8h	0.000004843	+0.213%	$42.6M	$151.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004836	+0.057%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0201%	8h	0.000004841	+0.166%	$41.6M	$491.5M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0316% / S −0.0215%	1h	0.000004000	−17.236%	$52K	—	100x	as long as short
BloFin PEPE-USDT	+0.0324%	8h	0.000004842	+0.186%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0428%	8h	0.000004837	+0.084%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0433%	8h	0.000004840	+0.137%	$2.3M	$6.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0440%	8h	0.000004832	−0.027%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004847	+0.290%	$617K	$25.6M	50x	as long as short
01 Exchange kPEPEUSD	+0.0536%	1h	0.000004844	+0.228%	$555	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0578%	1h	0.000004833	long leg	$82K	$94K	25x
Backpack kPEPE_USDC_PERP	+0.0673%	1h	0.000004838	+0.106%	$92K	$614K	15x	as long as short
Nado kPEPE-PERP	+0.0758%	1h	0.000004836	+0.065%	$186K	$854K	10x	as long as short
BingX 1000PEPE-USDC	+0.0837%	8h	0.000004829	−0.087%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0848%	1h	0.000004841	+0.172%	$532K	$148K	25x	as long as short
Binance 1000PEPEUSDTshort	+0.0850%	8h	0.000004841	+0.159%	$130.4M	$1.03B	75x
MEXC PEPE_USDT	+0.0855%	8h	0.000004842	+0.190%	$92.0M	$283.1M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0864%	1h	0.000004836	+0.062%	$137K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004868	+0.724%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDT	+0.0881%	8h	0.000004839	+0.132%	$1.5M	$7.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0935%	1h	0.000004841	+0.166%	$103K	$764K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1319%	1h	0.000004835	+0.034%	$4.0M	$13.2M	50x	as long as short