Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.039%

Price spread now: edgeX against dYdX−0.286%51s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.286% cheaper against dYdX than usual: you would sell low and buy high (spread −0.286% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$29 on $10k: about 9.5 days of funding at the current rate (+$3 a day). The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000005027	0	get 0.0000% / 1h	46m 29s	$18K	$95	10x
Short	edgeX 1000PEPEUSDC	0.000005013	0.0100	get 0.0050% / 4h	46m 29s	$31K	$452K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.286%Rate

Funding earned: $21
Price spread: −0.286% → 0.000%: −$28.64
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$26.64
Costs to cover: 0.190%
Break-even: 15.9 days

Slippage unknown: dYdX: no order-book sample; edgeX: live order book, 12 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 edgeX live order book, 12 min ago	1.09 bp	5.8 bp −$6	84.7 bp −$847	doesn't fit	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	0.000005027	long leg	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005020	−0.145%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005031	+0.078%	$64K	$140K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005032	+0.098%	$98.7M	$345.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005033	+0.117%	$166.0M	$75.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005029	+0.040%	$26.0M	$63.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005027	−0.009%	$675K	$4.7M	—	as long as short
edgeX 1000PEPEUSDCshort	+0.0100%	4h	0.000005013	−0.286%	$31K	$452K	20x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005029	+0.030%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005020	−0.143%	$572K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0161%	8h	0.000005033	+0.113%	$46.0M	$174.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005029	+0.046%	$8K	—	15x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005044	+0.336%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0330%	8h	0.000005028	+0.010%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0358%	8h	0.000005035	+0.157%	$45.1M	$594.4M	50x	as long as short
BloFin PEPE-USDT	+0.0479%	8h	0.000005028	+0.018%	$4.3M	$25.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0496%	1h	0.000005024	−0.062%	$2K	$12K	10x	as long as short
BingX 1000PEPE-USDT	+0.0635%	8h	0.000005038	+0.213%	—	$261.7M	—	as long as short
Phemex u1000PEPEUSDT	+0.0638%	8h	0.000005027	+0.008%	$2.4M	$7.1M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0662% / S −0.0910%	1h	0.000005000	−0.539%	$45K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0664%	1h	0.000005037	+0.200%	$532K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0664%	1h	0.000005023	−0.081%	$142K	—	3x	as long as short
MEXC PEPE_USDT	+0.0667%	8h	0.000005031	+0.082%	$92.4M	$287.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0671%	8h	0.000005038	+0.227%	$141.7M	$1.22B	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005033	+0.117%	$972K	$31.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0746%	1h	0.000005024	−0.062%	$71K	$124K	25x	as long as short
Aster 1000PEPEUSDT	+0.0757%	8h	0.000005027	−0.004%	$1.8M	$9.2M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0788%	1h	0.000005031	+0.078%	$98K	$644K	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0791%	8h	0.000005030	+0.065%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0834%	1h	0.000005033	+0.119%	$191K	$877K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0852%	1h	0.000005009	−0.360%	$99K	$743K	25x	as long as short
Lighter 1000PEPE	+0.0904%	1h	0.000005032	+0.098%	$579K	$8.2M	10x	as long as short
01 Exchange kPEPEUSD	+0.0904%	1h	0.000005045	+0.356%	$609	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1297%	1h	0.000005021	−0.113%	$4.4M	$15.4M	50x	as long as short
Hyperliquid kPEPE	+0.1410%	1h	0.000005037	+0.197%	$54.0M	$140.0M	10x	as long as short