Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0700%/8h= −76.6% APRpaid last 24h −0.049%

Price spread now: Variational Omni against Extended−1.309%7-day average −0.044% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.084%−$8 on $10k

Price spread, last 4 days (all we have)+1.308%+$131 · spread now −1.309%, 7d avg −0.044%

Together, before fees+1.224%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$122 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Variational Omni is 1.264% cheaper against Extended than usual: you would sell low and buy high (−$126 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.084% in total (about -9.5% 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	0.000004909	0.0800	pay 0.0100% / 1h	47m 24s	$538K	$146K	25x
Short	Variational Omni 1000PEPE	0.000004845	0.0100	get 0.0100% / 8h	2h 47m	$708K	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.309%Rate

Funding earned: −$147
Price spread: −1.309% → −0.044%: −$126.45
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$278.45
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 40 min ago; Variational Omni: RFQ quote, 2 min ago. 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 Extended live order book, 40 min ago	3.05 bp	7.7 bp −$8	45.1 bp −$451	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	5.13 bp	doesn't fit	27.7 bp −$277	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	0.000004898	−0.220%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004893	−0.313%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004911	+0.046%	$56.9M	$68.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004901	−0.158%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004908	−0.009%	$89.7M	$271.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004897	−0.240%	$149.4M	$60.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004909	+0.005%	$25.6M	$50.5M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004845	−1.309%	$708K	$3.7M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004879	−0.615%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004907	−0.030%	$2K	$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	0.000004898	−0.227%	$556K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0110%	8h	0.000004911	+0.046%	$42.1M	$496.6M	50x	as long as short
Lighter 1000PEPE	+0.0160%	1h	0.000004903	−0.117%	$548K	$5.0M	10x	as long as short
Bitget PEPEUSDT	+0.0173%	8h	0.000004909	−0.001%	$45.1M	$150.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004908	−0.016%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0225%	8h	0.000004884	−0.504%	$4.0M	$21.7M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0319%	1h	0.000004902	−0.146%	$108K	$618K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0320% / S −0.0376%	1h	0.000004000	−18.513%	$42K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0346%	8h	0.000004909	+0.001%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0355%	8h	0.000004903	−0.125%	$31K	$10K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0419%	8h	0.000004900	−0.178%	$2.4M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004899	−0.199%	$601K	$25.7M	50x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004880	−0.586%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0638%	1h	0.000004900	−0.178%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0643%	1h	0.000004907	−0.036%	$183K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0747%	1h	0.000004903	−0.115%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0754%	8h	0.000004910	+0.033%	—	$254.4M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0766%	1h	0.000004850	−1.197%	$101K	$757K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004905	−0.077%	$139K	—	3x	as long as short
MEXC PEPE_USDT	+0.0798%	8h	0.000004912	+0.058%	$92.1M	$287.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0799%	8h	0.000004912	+0.075%	$129.7M	$1.01B	75x	as long as short
Extended 1000PEPE-USDlong	+0.0800%	1h	0.000004909	long leg	$538K	$146K	25x
Aster 1000PEPEUSDT	+0.0868%	8h	0.000004907	−0.040%	$1.5M	$6.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0976%	1h	0.000004901	−0.158%	$83K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1576%	1h	0.000004918	+0.188%	$563	$2K	10x	as long as short