Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.008%

Price spread now: BingX against GMX+2.276%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. BingX is 2.276% dearer against GMX than usual: you sell high and buy low (spread +2.276% now, against zero (this spread has no 7-day history yet)): +$228 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.0509% / S −0.0477%	pay 0.0064% / 1h	27m 00s	$60K	—	100x
Short	BingX 1000PEPE-USDC	0.000005114	0.0479	get 0.0479% / 8h	6h 27m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +2.276%Rate

Funding earned: −$6.25
Price spread: +2.276% → 0.000%: $227.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $199.35
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BingX: live order book, 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 2 min ago	1.38 bp	14.3 bp −$14	18.7 bp −$187	92.3 bp −$9,229	249.9 bp −$124.9K

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PEPE on 34 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	0.000005078	+1.563%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005101	+2.026%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005075	+1.500%	$62K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005114	+2.288%	$99.2M	$322.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005113	+2.260%	$162.9M	$70.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005117	+2.332%	$25.2M	$60.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005119	+2.386%	$47.0M	$160.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005030	+0.594%	$565K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005065	+1.306%	$27K	$406K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005114	+2.272%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005103	+2.062%	$575K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005107	+2.148%	$8K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0215%	8h	0.000005098	+1.956%	$2.4M	$6.9M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0230%	8h	0.000005119	+2.380%	$45.4M	$573.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0277%	8h	0.000005108	+2.154%	$34K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0321%	1h	0.000005065	+1.300%	$107K	$746K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005110	+2.200%	$661K	$29.5M	50x	as long as short
BingX 1000PEPE-USDCshort	+0.0479%	8h	0.000005114	+2.276%	—	$2.3M	—
GMX PEPE/USD [ETH-USDC]long	L +0.0509% / S −0.0477%	1h	0.000005000	long leg	$60K	—	100x
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000005108	+2.160%	$144K	—	3x	as long as short
MEXC PEPE_USDT	+0.0517%	8h	0.000005119	+2.380%	$95.9M	$290.3M	300x	as long as short
Extended 1000PEPE-USD	+0.0520%	1h	0.000005117	+2.348%	$563K	$199K	25x	as long as short
Binance 1000PEPEUSDT	+0.0520%	8h	0.000005121	+2.411%	$144.6M	$1.16B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0548%	8h	0.000005070	+1.394%	$6K	$16	20x	as long as short
Nado kPEPE-PERP	+0.0605%	1h	0.000005106	+2.126%	$179K	$879K	10x	as long as short
Aster 1000PEPEUSDT	+0.0614%	8h	0.000005118	+2.357%	$1.7M	$8.1M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0620%	1h	0.000005104	+2.080%	$2K	$12K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0816%	1h	0.000005102	+2.044%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005070	+1.400%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0933%	1h	0.000005109	+2.180%	$103K	$616K	15x	as long as short
01 Exchange kPEPEUSD	+0.0984%	1h	0.000005095	+1.900%	$1K	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1122%	1h	0.000005108	+2.160%	$62K	$114K	25x	as long as short
Lighter 1000PEPE	+0.1472%	1h	0.000005112	+2.240%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2243%	1h	0.000005116	+2.320%	$56.5M	$135.8M	10x	as long as short