Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.002%

Price spread now: Bybit against dYdX+0.099%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on Bybit

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.099% dearer against dYdX than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004759	0	get 0.0000% / 1h	3m 40s	$17K	$95	10x
Short	Bybit 1000PEPEUSDT	0.000004764	0.0100	get 0.0100% / 8h	3m 40s	$87.4M	$295.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.099%Rate

Funding earned: $21
Price spread: +0.099% → 0.000%: $9.9
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $9.9
Costs to cover: 0.210%
Break-even: 3.7 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.06 bp	7.8 bp −$8	11.1 bp −$111	30.5 bp −$3,051	163.9 bp −$81.9K

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
Hyperliquid kPEPE	−0.0327%	1h	0.000004754	−0.111%	$68.9M	$99.4M	10x	as long as short
dYdX PEPE-USDlong	0.0000%	1h	0.000004759	long leg	$17K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004754	−0.109%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004758	−0.029%	$3.8M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004762	+0.057%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004764	+0.099%	$87.4M	$295.3M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004763	+0.078%	$151.0M	$65.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004763	+0.076%	$24.5M	$54.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004766	+0.143%	$42.1M	$151.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004725	−0.723%	$544K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004725	−0.726%	$25K	$351K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004720	−0.825%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004765	+0.126%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004759	−0.006%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004759	−0.014%	$538K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0165%	8h	0.000004761	+0.038%	$2.3M	$6.5M	50x	as long as short
Lighter 1000PEPE	+0.0176%	1h	0.000004765	+0.120%	$575K	$6.6M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0178%	8h	0.000004765	+0.115%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004757	−0.042%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0195%	8h	0.000004769	+0.204%	$42.3M	$500.2M	50x	as long as short
01 Exchange kPEPEUSD	+0.0312%	1h	0.000004759	−0.006%	$545	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0318%	8h	0.000004739	−0.426%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0345%	8h	0.000004756	−0.061%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0394% / S −0.0432%	1h	0.000004000	−15.954%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004753	−0.132%	$558K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004728	−0.657%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0532%	1h	0.000004761	+0.040%	$93K	$603K	15x	as long as short
BingX 1000PEPE-USDC	+0.0548%	8h	0.000004764	+0.110%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0555%	8h	0.000004764	+0.105%	$1.5M	$7.3M	50x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000004765	+0.129%	$524K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000004762	+0.057%	$135K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0561%	8h	0.000004764	+0.106%	$134.0M	$1.07B	75x	as long as short
MEXC PEPE_USDT	+0.0562%	8h	0.000004769	+0.202%	$90.1M	$283.7M	300x	as long as short
Nado kPEPE-PERP	+0.0594%	1h	0.000004756	−0.072%	$180K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1012%	1h	0.000004759	−0.006%	$77K	$98K	25x	as long as short