Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.020%

Price spread now: Bitget against dYdX−0.137%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bitget

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

Funding pays, the price is against you. Bitget is 0.137% cheaper against dYdX than usual: you would sell low and buy high (spread −0.137% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 2.7 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004796	0	get 0.0000% / 1h	36m 38s	$18K	$95	10x
Short	Bitget PEPEUSDT	0.000004789	0.0169	get 0.0169% / 8h	2h 36m	$43.2M	$152.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.137%Rate

Funding earned: $35.49
Price spread: −0.137% → 0.000%: −$13.67
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$0.18
Costs to cover: 0.220%
Break-even: 7.0 days

Slippage unknown: dYdX: no order-book sample; Bitget: live order book, 2 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 dYdX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	1.66 bp	9.1 bp −$9	11.3 bp −$113	22.4 bp −$2,245	doesn't fit

dYdX: 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-USDlong	0.0000%	1h	0.000004796	long leg	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004803	+0.155%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004802	+0.134%	$56.6M	$69.7M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004802	+0.134%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004789	−0.137%	$88.3M	$272.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004788	−0.158%	$147.9M	$61.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004797	+0.030%	$23.8M	$52.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004852	+1.167%	$713K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004821	+0.531%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004814	+0.378%	$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	0.000004808	+0.262%	$554K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0119%	8h	0.000004791	−0.095%	$41.2M	$486.5M	50x	as long as short
Bitget PEPEUSDTshort	+0.0169%	8h	0.000004789	−0.137%	$43.2M	$152.1M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004812	+0.344%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0241%	8h	0.000004812	+0.343%	$3.9M	$21.5M	75x	as long as short
Lighter 1000PEPE	+0.0256%	1h	0.000004802	+0.134%	$591K	$5.1M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.589%	$52K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0355%	8h	0.000004799	+0.074%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0371%	8h	0.000004810	+0.308%	$30K	$10K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0385%	1h	0.000004809	+0.282%	$100K	$621K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004818	+0.468%	$589K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0474%	8h	0.000004811	+0.320%	$2.3M	$6.3M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0545%	1h	0.000004807	+0.239%	$2K	$9K	10x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004820	+0.510%	$4K	$92K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0582%	1h	0.000004810	+0.301%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000004856	+1.260%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0659%	1h	0.000004813	+0.368%	$179K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004807	+0.245%	$3.9M	$12.9M	50x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004793	−0.043%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004813	+0.364%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0807%	8h	0.000004804	+0.170%	$89.0M	$288.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004791	−0.090%	$529K	$146K	25x	as long as short
Binance 1000PEPEUSDT	+0.0810%	8h	0.000004796	+0.009%	$127.1M	$1.01B	75x	as long as short
Aster 1000PEPEUSDT	+0.0854%	8h	0.000004800	+0.090%	$1.5M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1248%	1h	0.000004801	+0.114%	$550	$2K	10x	as long as short