Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.4438%/8h= −486.0% APRpaid last 24h +0.071%

Price spread now: Phemex against dYdX+0.034%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 Phemex

What this pair did over the last

the charts below follow

Funding, last 6 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

The price spread pays, funding is against you. Phemex is 0.034% dearer against dYdX than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$133 a day in funding at the current rate, which eats that in about under an hour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004992	0.4743	pay 0.0593% / 1h	3m 52s	$25K	$12K	10x
Short	Phemex u1000PEPEUSDT	0.000004993	0.0304	get 0.0304% / 8h	7h 03m	$2.3M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$932.02
Price spread: +0.034% → 0.000%: $3.4
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$950.62
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Phemex: 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 Phemex live order book, 5 min ago	3.39 bp	21.9 bp −$22	37.9 bp −$379	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
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004994	+0.042%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004993	+0.026%	$57K	$197K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004993	+0.020%	$96.3M	$447.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004997	+0.106%	$159.5M	$103.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005002	+0.200%	$652K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005011	+0.388%	$27K	$568K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000005012	+0.407%	$146K	$846K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005002	+0.212%	$2K	$2.7M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004999	+0.146%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004992	0.000%	$583K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0133%	8h	0.000004995	+0.072%	$25.6M	$75.9M	75x	as long as short
Bitget PEPEUSDT	+0.0142%	8h	0.000004993	+0.024%	$44.4M	$226.2M	75x	as long as short
Injective PEPE/USDC PERP	+0.0147%	1h	0.000005001	+0.186%	$6K	$121K	12x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004998	+0.118%	$8K	—	15x	as long as short
Lighter 1000PEPE	+0.0272%	1h	0.000005001	+0.186%	$591K	$9.1M	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0287%	8h	0.000004994	+0.046%	$45.6M	$741.9M	50x	as long as short
Hyperliquid kPEPE	+0.0292%	1h	0.000004997	+0.106%	$51.5M	$161.5M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0302%	8h	0.000004988	−0.066%	$6K	—	20x	as long as short
Phemex u1000PEPEUSDTshort	+0.0304%	8h	0.000004993	+0.034%	$2.3M	$8.0M	50x
Backpack kPEPE_USDC_PERP	+0.0336%	1h	0.000004998	+0.128%	$67K	$959K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0350%	1h	0.000004999	+0.146%	$57K	$139K	25x	as long as short
BloFin PEPE-USDT	+0.0413%	8h	0.000004989	−0.054%	$4.3M	$30.0M	75x	as long as short
01 Exchange kPEPEUSD	+0.0432%	1h	0.000004996	+0.086%	$603	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0433%	8h	0.000005000	+0.166%	$32K	$31K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005002	+0.206%	$666K	$39.4M	50x	as long as short
BingX 1000PEPE-USDT	+0.0571%	8h	0.000004992	+0.012%	—	$179.8M	—	as long as short
Nado kPEPE-PERP	+0.0572%	1h	0.000004993	+0.032%	$152K	$950K	10x	as long as short
Binance 1000PEPEUSDT	+0.0574%	8h	0.000004995	+0.056%	$131.8M	$1.55B	75x	as long as short
Extended 1000PEPE-USD	+0.0576%	1h	0.000004994	+0.051%	$525K	$286K	25x	as long as short
MEXC PEPE_USDT	+0.0582%	8h	0.000004994	+0.040%	$99.2M	$313.6M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0592%	1h	0.000004996	+0.086%	$141K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0597%	8h	0.000005000	+0.169%	$1.8M	$12.3M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0634%	1h	0.000004998	+0.135%	$4.6M	$17.1M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0926% / S −0.1034%	1h	0.000004000	−19.867%	$50K	—	100x	as long as short
dYdX PEPE-USDlong	+0.4743%	1h	0.000004992	long leg	$25K	$12K	10x