Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1470%/8h= +161.0% APRpaid last 24h +0.127%

Price spread now: Hyperliquid against edgeX+1.293%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs+$92as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.420%+$42 on $10k

Price spread, last 4 days (all we have)−1.301%−$130 · spread now +1.293%, 7d avg +0.116%

Together, before fees−0.881%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$88 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Hyperliquid is 1.177% dearer against edgeX than usual: you sell high and buy low: +$118 more if the spread goes back to its 7-day average of +0.116%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.420% in total (about 21.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX 1000PEPEUSDC	0.000005141	0.0100	pay 0.0050% / 4h	30m 55s	$37K	$458K	20x
Short	Hyperliquid kPEPE	0.000005207	0.1570	get 0.0196% / 1h	30m 55s	$55.9M	$141.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +1.293%Rate

Funding earned: $308.71
Price spread: +1.293% → +0.116%: $117.73
Slippage, 4 orders: −$7.91
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $400.52
Costs to cover: 0.259%
Break-even: from the start

Slippage from edgeX: live order book, 28 min ago; Hyperliquid: live order book, 13 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, 28 min ago	1.09 bp	5.7 bp −$6	8.7 bp −$87	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.98 bp	8.9 bp −$9	12.7 bp −$127	doesn't fit	doesn't fit

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-USD	0.0000%	1h	0.000005191	+0.973%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005185	+0.869%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005196	+1.079%	$66K	$141K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005198	+1.118%	$101.4M	$352.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005202	+1.196%	$170.9M	$77.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005208	+1.307%	$26.2M	$64.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005188	+0.916%	$760K	$4.8M	—	as long as short
edgeX 1000PEPEUSDClong	+0.0100%	4h	0.000005141	long leg	$37K	$458K	20x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005200	+1.155%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005187	+0.904%	$592K	$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
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005193	+1.013%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0193%	8h	0.000005205	+1.260%	$47.4M	$176.8M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	+0.632%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0343%	8h	0.000005185	+0.865%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005203	+1.216%	$48.2M	$624.3M	50x	as long as short
BloFin PEPE-USDT	+0.0497%	8h	0.000005200	+1.157%	$4.3M	$26.4M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0522%	1h	0.000005186	+0.885%	$73K	$125K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0571%	8h	0.000005194	+1.048%	$2.6M	$7.3M	50x	as long as short
BingX 1000PEPE-USDC	+0.0664%	8h	0.000005207	+1.291%	—	$2.3M	—	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005196	+1.079%	$989K	$33.0M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0690% / S −0.0952%	1h	0.000005000	−2.733%	$47K	—	100x	as long as short
Aevo 1000PEPE-PERP	+0.0720%	1h	0.000005207	+1.293%	$147K	—	3x	as long as short
MEXC PEPE_USDT	+0.0722%	8h	0.000005210	+1.356%	$99.1M	$289.6M	300x	as long as short
Extended 1000PEPE-USD	+0.0728%	1h	0.000005205	+1.264%	$550K	$226K	25x	as long as short
Binance 1000PEPEUSDT	+0.0728%	8h	0.000005206	+1.276%	$148.9M	$1.24B	75x	as long as short
Nado kPEPE-PERP	+0.0796%	1h	0.000005188	+0.919%	$192K	$895K	10x	as long as short
Aster 1000PEPEUSDT	+0.0822%	8h	0.000005211	+1.371%	$1.9M	$9.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0823%	8h	0.000005192	+1.004%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0844%	1h	0.000005137	−0.068%	$102K	$743K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0879%	1h	0.000005194	+1.040%	$2K	$12K	10x	as long as short
Lighter 1000PEPE	+0.0912%	1h	0.000005194	+1.040%	$586K	$8.3M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1125%	1h	0.000005201	+1.184%	$98K	$663K	15x	as long as short
01 Exchange kPEPEUSD	+0.1152%	1h	0.000005217	+1.488%	$629	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1254%	1h	0.000005193	+1.019%	$4.6M	$15.8M	50x	as long as short
Hyperliquid kPEPEshort	+0.1570%	1h	0.000005207	+1.293%	$55.9M	$141.2M	10x