Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.028%

Price spread now: Bybit against edgeX−0.104%61s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.273% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now −0.104%, 7d avg −0.020%

Together, before fees−0.166%+ Points / potential airdropedgeX: Active · farm board−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.084% cheaper against edgeX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 61 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	edgeX 1000PEPEUSDC	0.000004771	0.0100	pay 0.0050% / 4h	28m 36s	$26K	$351K	20x
Short	Bybit 1000PEPEUSDT	0.000004766	0.0100	get 0.0100% / 8h	28m 36s	$85.8M	$290.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee BybitbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → −0.020%: −$8.41
Slippage, 4 orders: −$7.29
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.7
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from edgeX: live order book, 50 min ago; Bybit: live order book, 6 min ago.

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 edgeX live order book, 50 min ago	1.04 bp	5.7 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.05 bp	8.4 bp −$8	11.5 bp −$115	29.9 bp −$2,992	170.9 bp −$85.5K

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	−0.0158%	1h	0.000004759	−0.251%	$66.5M	$93.1M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004763	−0.163%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004766	−0.102%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004774	+0.053%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004768	−0.062%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004766	−0.104%	$85.8M	$290.0M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004763	−0.167%	$149.4M	$64.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004769	−0.050%	$24.2M	$54.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004765	−0.117%	$42.1M	$150.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004765	−0.126%	$583K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDClong	+0.0100%	4h	0.000004771	long leg	$26K	$351K	20x
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	−0.041%	$99K	$761K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004777	+0.130%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004774	+0.063%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004766	−0.115%	$540K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004771	0.000%	$601K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0183%	8h	0.000004767	−0.073%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004770	−0.029%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0190%	8h	0.000004771	−0.008%	$2.3M	$6.4M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004770	−0.020%	$41.5M	$495.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0264%	1h	0.000004768	−0.062%	$546	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004772	+0.021%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0378% / S −0.0339%	1h	0.000004000	−16.160%	$47K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0389%	8h	0.000004775	+0.089%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004772	+0.021%	$569K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004776	+0.105%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0575%	1h	0.000004773	+0.045%	$90K	$602K	15x	as long as short
Binance 1000PEPEUSDT	+0.0613%	8h	0.000004771	−0.008%	$130.8M	$1.06B	75x	as long as short
Aster 1000PEPEUSDT	+0.0614%	8h	0.000004765	−0.134%	$1.5M	$7.3M	50x	as long as short
MEXC PEPE_USDT	+0.0615%	8h	0.000004771	+0.009%	$91.5M	$281.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0616%	1h	0.000004769	−0.044%	$524K	$148K	25x	as long as short
BingX 1000PEPE-USDC	+0.0616%	8h	0.000004768	−0.062%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0616%	1h	0.000004775	+0.084%	$135K	—	3x	as long as short
Nado kPEPE-PERP	+0.0682%	1h	0.000004772	+0.032%	$182K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0798%	1h	0.000004775	+0.084%	$77K	$98K	25x	as long as short