Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0688%/8h= −75.3% APRpaid last 24h −0.028%

Price spread now: Variational Omni against Deribit−0.533%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Variational Omni is 0.533% cheaper against Deribit than usual: you would sell low and buy high (−$53 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000PEPE_USDC-PERPETUAL	0.000004823	0.0788	pay 0.0098% / 1h	2m 51s	$82K	$94K	25x
Short	Variational Omni 1000PEPE	0.000004797	0.0100	get 0.0100% / 8h	2h 02m	$551K	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.533%Rate

Funding earned: −$144.43
Price spread: −0.533% → 0.000%: −$53.32
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$204.75
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	5.21 bp	doesn't fit	17.7 bp −$177	doesn't fit	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	0.000004824	+0.026%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0005%	1h	0.000004820	−0.058%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004814	−0.187%	$58.7M	$73.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004825	+0.041%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004814	−0.187%	$87.5M	$275.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004815	−0.166%	$150.5M	$62.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004816	−0.149%	$24.9M	$53.3M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004797	−0.533%	$551K	$3.9M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004808	−0.318%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004844	+0.446%	$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	0.000004823	−0.006%	$555K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0183%	8h	0.000004816	−0.153%	$42.5M	$151.0M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004817	−0.124%	$41.4M	$486.6M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004828	+0.107%	$7K	—	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0215% / S −0.0088%	1h	0.000004000	−17.064%	$55K	—	100x	as long as short
BloFin PEPE-USDT	+0.0305%	8h	0.000004819	−0.083%	$3.9M	$21.9M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0424%	8h	0.000004825	+0.046%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004823	0.000%	$577K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0505%	8h	0.000004820	−0.066%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0537%	8h	0.000004829	+0.133%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004823	0.000%	$4K	$110K	12x	as long as short
Nado kPEPE-PERP	+0.0735%	1h	0.000004833	+0.206%	$189K	$848K	10x	as long as short
Lighter 1000PEPE	+0.0736%	1h	0.000004825	+0.041%	$573K	$5.3M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0746%	1h	0.000004808	−0.311%	$102K	$764K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0748%	1h	0.000004821	−0.039%	$93K	$624K	15x	as long as short
SoDEX 1000PEPE-USD	+0.0758%	1h	0.000004821	−0.041%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0759%	1h	0.000004822	−0.021%	$3.9M	$13.1M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUALlong	+0.0788%	1h	0.000004823	long leg	$82K	$94K	25x
BingX 1000PEPE-USDT	+0.0828%	8h	0.000004814	−0.189%	—	$254.7M	—	as long as short
Extended 1000PEPE-USD	+0.0872%	1h	0.000004817	−0.125%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0872%	1h	0.000004825	+0.041%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0874%	8h	0.000004815	−0.168%	$91.5M	$292.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0875%	8h	0.000004815	−0.170%	$128.7M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0900%	8h	0.000004821	−0.038%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.1176%	1h	0.000004843	+0.415%	$555	$2K	10x	as long as short