Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0364%/8h= +39.9% APRpaid last 24h +0.041%

Price spread now: Coinbase International against Gate+0.062%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now +0.062%, 7d avg +0.028%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.034% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.028%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.2% 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	Gate PEPE_USDT	0.000004823	0.0100	pay 0.0100% / 8h	2h 52m	$147.1M	$60.4M	75x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004826	0.0464	get 0.0058% / 1h	52m 36s	$584K	$25.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.062%Rate

Funding earned: $76.44
Price spread: +0.062% → +0.028%: $3.38
Slippage, 4 orders: −$20.17
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $34.65
Costs to cover: 0.452%
Break-even: 3.8 days

Slippage from Gate: live order book, 1 min ago; Coinbase International: live order book, 2 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 Gate live order book, 1 min ago	3.12 bp	12.6 bp −$13	19.7 bp −$197	76.0 bp −$7,603	doesn't fit
Sell Coinbase International live order book, 2 min ago	3.11 bp	12.0 bp −$12	17.4 bp −$174	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	0.000004822	−0.011%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004830	+0.151%	$13K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004835	+0.249%	$56.0M	$68.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004825	+0.041%	$57K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004826	+0.062%	$88.5M	$271.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004833	+0.207%	$41.4M	$488.2M	50x	as long as short
Gate PEPE_USDTlong	+0.0100%	8h	0.000004823	long leg	$147.1M	$60.4M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004813	−0.216%	$23.4M	$48.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004889	+1.378%	$719K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	+1.596%	$28K	$336K	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	0.000004836	+0.265%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004842	+0.402%	$550K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0178%	8h	0.000004824	+0.015%	$43.6M	$148.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004841	+0.377%	$7K	—	15x	as long as short
Backpack kPEPE_USDC_PERP	+0.0218%	1h	0.000004828	+0.106%	$110K	$619K	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004828	+0.104%	$3.9M	$21.6M	75x	as long as short
Lighter 1000PEPE	+0.0240%	1h	0.000004825	+0.041%	$540K	$5.0M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0312% / S −0.0264%	1h	0.000004000	−17.064%	$47K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0341%	8h	0.000004828	+0.102%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0348%	8h	0.000004823	+0.008%	$30K	$10K	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0372%	1h	0.000004826	+0.062%	$81K	$94K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0447%	8h	0.000004834	+0.230%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0464%	1h	0.000004826	+0.062%	$584K	$25.3M	50x
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004814	−0.187%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0560%	1h	0.000004827	+0.083%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0699%	1h	0.000004891	+1.410%	$101K	$755K	25x	as long as short
Nado kPEPE-PERP	+0.0725%	1h	0.000004836	+0.270%	$180K	$868K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0759%	1h	0.000004824	+0.025%	$3.8M	$12.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0760%	8h	0.000004829	+0.118%	—	$254.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0789%	8h	0.000004829	+0.126%	$129.7M	$1.01B	75x	as long as short
MEXC PEPE_USDT	+0.0790%	8h	0.000004831	+0.174%	$97.1M	$285.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004828	+0.101%	$529K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004828	+0.104%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0841%	8h	0.000004832	+0.178%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1936%	1h	0.000004839	+0.332%	$554	$2K	10x	as long as short