Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.039%

Price spread now: Phemex against Extended−0.075%7-day average +0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$530.528% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 3 days (all we have)+0.250%+$25 · spread now −0.075%, 7d avg +0.074%

Together, before fees+0.145%+ Points / potential airdropExtended: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.149% cheaper against Extended than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.074%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% 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	Extended 1000PEPE-USD	0.000004826	0.0824	pay 0.0103% / 1h	32m 57s	$532K	$148K	25x
Short	Phemex u1000PEPEUSDT	0.000004823	0.0403	get 0.0403% / 8h	1h 32m	$2.3M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$88.36
Price spread: −0.075% → +0.074%: −$14.88
Slippage, 4 orders: −$35.82
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$156.06
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Extended: live order book, 50 min ago; Phemex: 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 Extended live order book, 50 min ago	3.09 bp	7.6 bp −$8	43.9 bp −$439	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	5.84 bp	20.0 bp −$20	45.2 bp −$452	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	0.000004829	+0.063%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004824	−0.052%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004832	+0.118%	$580K	$5.5M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004826	−0.006%	$62.0M	$78.7M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004834	+0.159%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004826	−0.015%	$87.2M	$280.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004824	−0.048%	$150.9M	$62.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004827	+0.021%	$24.8M	$53.9M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004851	+0.510%	$581K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004847	+0.431%	$27K	$344K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004834	+0.162%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004830	+0.077%	$2K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004837	+0.215%	$547K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0151%	8h	0.000004825	−0.021%	$42.5M	$151.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004827	+0.007%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0204%	8h	0.000004829	+0.056%	$41.8M	$492.5M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0213% / S −0.0092%	1h	0.000004000	−17.121%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0324%	8h	0.000004829	+0.056%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0369%	8h	0.000004832	+0.128%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDTshort	+0.0403%	8h	0.000004823	−0.075%	$2.3M	$6.4M	50x
Orderly PERP_1000PEPE_USDC	+0.0445%	8h	0.000004830	+0.079%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004835	+0.180%	$590K	$25.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.0456%	1h	0.000004832	+0.118%	$554	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0579%	1h	0.000004830	+0.077%	$82K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0593%	1h	0.000004830	+0.077%	$92K	$615K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0709%	1h	0.000004846	+0.408%	$103K	$764K	25x	as long as short
Nado kPEPE-PERP	+0.0739%	1h	0.000004832	+0.114%	$186K	$855K	10x	as long as short
BingX 1000PEPE-USDT	+0.0799%	8h	0.000004828	+0.029%	—	$256.1M	—	as long as short
Binance 1000PEPEUSDT	+0.0821%	8h	0.000004830	+0.068%	$130.8M	$1.03B	75x	as long as short
Extended 1000PEPE-USDlong	+0.0824%	1h	0.000004826	long leg	$532K	$148K	25x
Aevo 1000PEPE-PERP	+0.0824%	1h	0.000004832	+0.118%	$137K	—	3x	as long as short
MEXC PEPE_USDT	+0.0826%	8h	0.000004829	+0.060%	$91.5M	$283.8M	300x	as long as short
Aster 1000PEPEUSDT	+0.0848%	8h	0.000004829	+0.066%	$1.5M	$7.0M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004822	−0.089%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1321%	1h	0.000004828	+0.036%	$4.0M	$13.3M	50x	as long as short