Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.043%

Price spread now: Phemex against Deribit−0.061%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now −0.061%, 7d avg +0.039%

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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.100% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000005098	0.0339	pay 0.0042% / 1h	25m 34s	$62K	$114K	25x
Short	Phemex u1000PEPEUSDT	0.000005095	0.0163	get 0.0163% / 8h	6h 25m	$2.4M	$6.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$36.99
Price spread: −0.061% → +0.039%: −$10.01
Slippage, 4 orders: −$41.32
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$107.32
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; Phemex: 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 Deribit live order book, 8 min ago	5.97 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.75 bp	18.7 bp −$19	37.6 bp −$376	doesn't fit	doesn't fit

PEPE on 34 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	0.000005048	−0.978%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005091	−0.131%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005058	−0.785%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005059	−0.759%	$98.3M	$323.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005052	−0.902%	$161.2M	$70.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005060	−0.745%	$25.0M	$60.5M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005062	−0.706%	$46.9M	$160.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005092	−0.124%	$624K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005086	−0.237%	$34K	$413K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005100	+0.035%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005092	−0.108%	$576K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0163%	8h	0.000005095	−0.061%	$2.4M	$6.9M	50x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005065	−0.656%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0232%	8h	0.000005067	−0.608%	$45.1M	$568.5M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0277%	8h	0.000005100	+0.049%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0321%	1h	0.000005065	−0.647%	$107K	$746K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0339%	1h	0.000005098	long leg	$62K	$114K	25x
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005103	+0.098%	$660K	$29.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0486%	8h	0.000005058	−0.781%	—	$258.9M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0511% / S −0.0869%	1h	0.000005000	−1.922%	$48K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000005110	+0.235%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0526%	8h	0.000005060	−0.740%	$94.7M	$290.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0526%	8h	0.000005058	−0.785%	$142.9M	$1.17B	75x	as long as short
Extended 1000PEPE-USD	+0.0528%	1h	0.000005059	−0.771%	$557K	$199K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0546%	8h	0.000005058	−0.786%	$6K	$16	20x	as long as short
SoDEX 1000PEPE-USD	+0.0599%	1h	0.000005098	0.000%	$2K	$12K	10x	as long as short
Aster 1000PEPEUSDT	+0.0629%	8h	0.000005064	−0.661%	$1.7M	$8.2M	50x	as long as short
Nado kPEPE-PERP	+0.0632%	1h	0.000005067	−0.604%	$182K	$881K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0817%	1h	0.000005095	−0.063%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005070	−0.549%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0943%	1h	0.000005084	−0.282%	$101K	$616K	15x	as long as short
01 Exchange kPEPEUSD	+0.0976%	1h	0.000005061	−0.726%	$1K	$2K	10x	as long as short
Lighter 1000PEPE	+0.1520%	1h	0.000005074	−0.471%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2227%	1h	0.000005074	−0.471%	$56.1M	$135.9M	10x	as long as short