Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.022%

Price spread now: Orderly against Deribit+0.056%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.056% dearer against Deribit than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000004811	0.0582	pay 0.0073% / 1h	2m 04s	$81K	$94K	25x
Short	Orderly PERP_1000PEPE_USDC	0.000004814	0.0427	get 0.0427% / 8h	2h 02m	$29K	$11K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.056%Rate

Funding earned: −$32.68
Price spread: +0.056% → 0.000%: $5.61
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.06
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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	0.000004811	+0.007%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004805	−0.114%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004809	−0.042%	$58.7M	$73.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004818	+0.145%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004811	0.000%	$87.5M	$276.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004808	−0.062%	$150.4M	$62.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004809	−0.048%	$24.9M	$53.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004797	−0.285%	$551K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004808	−0.069%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004819	+0.166%	$1K	$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	0.000004815	+0.073%	$553K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0185%	8h	0.000004808	−0.064%	$42.4M	$151.0M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004810	−0.016%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0189%	8h	0.000004809	−0.042%	$41.4M	$485.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0215% / S −0.0087%	1h	0.000004000	−16.857%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0305%	8h	0.000004819	+0.166%	$3.9M	$21.9M	75x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0427%	8h	0.000004814	+0.056%	$29K	$11K	20x
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004823	+0.249%	$577K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0513%	8h	0.000004810	−0.017%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0534%	8h	0.000004809	−0.036%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004823	+0.249%	$4K	$110K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0582%	1h	0.000004811	long leg	$81K	$94K	25x
Lighter 1000PEPE	+0.0736%	1h	0.000004814	+0.062%	$571K	$5.3M	10x	as long as short
Nado kPEPE-PERP	+0.0743%	1h	0.000004812	+0.025%	$188K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0746%	1h	0.000004808	−0.062%	$102K	$764K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0747%	1h	0.000004811	0.000%	$2K	$9K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0757%	1h	0.000004810	−0.012%	$93K	$624K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0761%	1h	0.000004810	−0.011%	$3.9M	$13.1M	50x	as long as short
BingX 1000PEPE-USDT	+0.0831%	8h	0.000004813	+0.042%	—	$254.7M	—	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004816	+0.104%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0874%	8h	0.000004810	−0.023%	$91.4M	$292.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0880%	8h	0.000004816	+0.107%	$128.8M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0880%	1h	0.000004810	−0.023%	$529K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0906%	8h	0.000004812	+0.028%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.1168%	1h	0.000004821	+0.208%	$552	$2K	10x	as long as short