Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.079%

Price spread now: Lighter against edgeX−0.140%7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.140%, 7d avg +0.065%

Together, before fees+0.120%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$12 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: Lighter is 0.205% cheaper against edgeX than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX 1000PEPEUSDC	0.000004796	0.0100	pay 0.0050% / 4h	1h 08m	$28K	$344K	20x
Short	Lighter 1000PEPE	0.000004789	0.0096	get 0.0012% / 1h	8m 53s	$668K	$6.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$0.84
Price spread: −0.140% → +0.065%: −$20.54
Slippage, 4 orders: −$14.38
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.77
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from edgeX: live order book, 9 min ago; Lighter: live order book, 4 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, 9 min ago	1.04 bp	5.7 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	4.17 bp	6.2 bp −$6	13.2 bp −$132	40.4 bp −$4,037	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	0.000004789	−0.149%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004784	−0.253%	$14K	—	150x	as long as short
Lighter 1000PEPEshort	+0.0096%	1h	0.000004789	−0.140%	$668K	$6.0M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004784	−0.244%	$62.9M	$83.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004792	−0.077%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004790	−0.119%	$87.0M	$283.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004786	−0.203%	$150.5M	$63.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004788	−0.150%	$24.7M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004794	−0.039%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDClong	+0.0100%	4h	0.000004796	long leg	$28K	$344K	20x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004796	+0.008%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004789	−0.140%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004787	−0.184%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0110%	8h	0.000004792	−0.082%	$42.1M	$148.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004789	−0.143%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004790	−0.119%	$41.4M	$491.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0268%	8h	0.000004793	−0.047%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0330% / S −0.0357%	1h	0.000004000	−16.592%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004790	−0.119%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0342%	8h	0.000004789	−0.140%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004794	−0.036%	$549	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	−0.077%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004791	−0.098%	$581K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0450%	8h	0.000004790	−0.130%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004787	−0.177%	$91K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0586%	1h	0.000004789	−0.140%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDC	+0.0735%	8h	0.000004791	−0.092%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000004792	−0.072%	$526K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0745%	8h	0.000004793	−0.061%	$130.4M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0750%	8h	0.000004798	+0.041%	$91.8M	$285.9M	300x	as long as short
Nado kPEPE-PERP	+0.0750%	1h	0.000004791	−0.088%	$184K	$845K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000004793	−0.057%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0764%	8h	0.000004791	−0.089%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004795	−0.015%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1332%	1h	0.000004788	−0.161%	$3.9M	$13.3M	50x	as long as short