Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.004%

Price spread now: Variational Omni against dYdX−0.269%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 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

Funding pays, the price is against you. Variational Omni is 0.269% cheaper against dYdX than usual: you would sell low and buy high (spread −0.269% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 9.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PEPE-USD	0.000004812	0	get 0.0000% / 1h	33m 50s	$18K	$95	10x
Short	Variational Omni 1000PEPE	0.000004799	0.0100	get 0.0100% / 8h	2h 33m	$705K	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.269%Rate

Funding earned: $21
Price spread: −0.269% → 0.000%: −$26.86
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.86
Costs to cover: 0.100%
Break-even: 12.3 days

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, just now. 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 Variational Omni RFQ quote, just now	5.21 bp	doesn't fit	17.7 bp −$177	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	0.000004812	long leg	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004796	−0.338%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004817	+0.099%	$56.9M	$70.0M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004819	+0.140%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004813	+0.015%	$88.7M	$273.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004813	+0.015%	$149.1M	$61.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004816	+0.076%	$23.8M	$52.3M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004799	−0.269%	$705K	$3.7M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004821	+0.182%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004810	−0.047%	$1K	$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	0.000004801	−0.228%	$553K	$3.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0127%	8h	0.000004815	+0.057%	$41.4M	$489.2M	50x	as long as short
Bitget PEPEUSDT	+0.0169%	8h	0.000004818	+0.113%	$43.4M	$152.1M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004801	−0.228%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0241%	8h	0.000004806	−0.130%	$3.9M	$21.7M	75x	as long as short
Lighter 1000PEPE	+0.0288%	1h	0.000004819	+0.140%	$593K	$5.1M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.879%	$52K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0373%	8h	0.000004810	−0.038%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0374%	8h	0.000004800	−0.257%	$30K	$10K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0450%	1h	0.000004808	−0.095%	$95K	$623K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004804	−0.172%	$584K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0474%	8h	0.000004805	−0.151%	$2.3M	$6.3M	50x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004805	−0.151%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0616%	1h	0.000004802	−0.213%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0670%	1h	0.000004816	+0.078%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0670%	1h	0.000004803	−0.196%	$179K	$865K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004803	−0.193%	$3.9M	$13.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0767%	8h	0.000004821	+0.175%	—	$254.8M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0792%	1h	0.000004802	−0.213%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0808%	1h	0.000004806	−0.130%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0814%	8h	0.000004820	+0.161%	$90.2M	$289.5M	300x	as long as short
Binance 1000PEPEUSDT	+0.0815%	8h	0.000004818	+0.126%	$127.7M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0816%	1h	0.000004818	+0.115%	$529K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0855%	8h	0.000004818	+0.130%	$1.5M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1240%	1h	0.000004808	−0.089%	$551	$2K	10x	as long as short