Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.097%

Price spread now: Hyperliquid against Gate+0.082%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

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

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.447%+$45 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.082%, 7d avg +0.109%

Together, before fees+0.451%+ Points / potential airdropHyperliquid: Season 2 · farm board+$45 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: Hyperliquid is 0.027% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PEPE_USDT	0.000004857	0.0100	pay 0.0100% / 8h	1h 41m	$151.8M	$62.3M	75x
Short	Hyperliquid kPEPE	0.000004861	0.0100	get 0.0013% / 1h	41m 33s	$61.4M	$77.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.082%Rate

Funding earned: $0
Price spread: +0.082% → +0.109%: −$2.68
Slippage, 4 orders: −$21.22
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.91
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	2.07 bp	12.0 bp −$12	18.5 bp −$185	67.8 bp −$6,777	doesn't fit
Sell Hyperliquid live order book, 12 min ago	4.11 bp	10.2 bp −$10	18.8 bp −$188	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	0.000004855	−0.047%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004858	+0.014%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004863	+0.124%	$623K	$5.4M	10x	as long as short
Hyperliquid kPEPEshort	+0.0100%	1h	0.000004861	+0.082%	$61.4M	$77.1M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004858	+0.021%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004859	+0.041%	$88.2M	$279.0M	50x	as long as short
Gate PEPE_USDTlong	+0.0100%	8h	0.000004857	long leg	$151.8M	$62.3M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004862	+0.105%	$25.2M	$53.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.246%	$545K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004838	−0.392%	$27K	$341K	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	0.000004866	+0.189%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004862	+0.103%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004854	−0.066%	$551K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0163%	8h	0.000004864	+0.148%	$42.8M	$151.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004862	+0.101%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0203%	8h	0.000004864	+0.144%	$41.9M	$494.6M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0317% / S −0.0215%	1h	0.000004000	−17.645%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0324%	8h	0.000004842	−0.309%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0415%	8h	0.000004863	+0.115%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0427%	8h	0.000004868	+0.224%	$2.3M	$6.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0441%	8h	0.000004859	+0.043%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004863	+0.124%	$618K	$25.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.0520%	1h	0.000004870	+0.268%	$558	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0675%	1h	0.000004868	+0.220%	$93K	$613K	15x	as long as short
Nado kPEPE-PERP	+0.0726%	1h	0.000004863	+0.115%	$187K	$854K	10x	as long as short
BingX 1000PEPE-USDT	+0.0827%	8h	0.000004864	+0.154%	—	$256.0M	—	as long as short
Binance 1000PEPEUSDT	+0.0847%	8h	0.000004864	+0.152%	$131.1M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0848%	1h	0.000004866	+0.187%	$535K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0850%	8h	0.000004860	+0.062%	$92.3M	$283.1M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0864%	1h	0.000004863	+0.124%	$137K	—	3x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004868	+0.226%	$4K	$103K	12x	as long as short
Aster 1000PEPEUSDT	+0.0880%	8h	0.000004862	+0.097%	$1.5M	$7.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0935%	1h	0.000004841	−0.329%	$103K	$764K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0985%	1h	0.000004864	+0.144%	$82K	$94K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1312%	1h	0.000004861	+0.088%	$4.0M	$13.2M	50x	as long as short