Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h −0.056%

Price spread now: Bitget against GMX+0.846%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 Bitget

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. Bitget is 0.846% dearer against GMX than usual: you sell high and buy low (spread +0.846% now, against zero (this spread has no 7-day history yet)): +$85 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.0622% / S −0.0992%	pay 0.0078% / 1h	15m 42s	$49K	—	100x
Short	Bitget PEPEUSDT	0.000005042	0.0126	get 0.0126% / 8h	5h 15m	$46.2M	$173.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.846%Rate

Funding earned: −$104.24
Price spread: +0.846% → 0.000%: $84.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$43.64
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	1.20 bp	9.2 bp −$9	12.7 bp −$127	doesn't fit	doesn't fit

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 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	0.000005035	+0.710%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005039	+0.786%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005043	+0.860%	$64K	$139K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005039	+0.786%	$97.9M	$339.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005042	+0.840%	$164.9M	$75.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005040	+0.806%	$25.9M	$63.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005042	+0.830%	$687K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005023	+0.451%	$27K	$445K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005056	+1.116%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005044	+0.884%	$573K	$3.6M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDTshort	+0.0126%	8h	0.000005042	+0.846%	$46.2M	$173.0M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005039	+0.781%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0317%	8h	0.000005041	+0.812%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0339%	8h	0.000005042	+0.840%	$45.8M	$589.6M	50x	as long as short
BloFin PEPE-USDT	+0.0460%	8h	0.000005032	+0.640%	$4.3M	$25.1M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0561%	1h	0.000005044	+0.880%	$2K	$12K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0563%	1h	0.000005028	+0.560%	$99K	$755K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005051	+1.020%	$933K	$31.6M	50x	as long as short
BingX 1000PEPE-USDT	+0.0605%	8h	0.000005042	+0.836%	—	$261.2M	—	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0622% / S −0.0992%	1h	0.000005000	long leg	$49K	—	100x
MEXC PEPE_USDT	+0.0637%	8h	0.000005043	+0.852%	$95.9M	$290.2M	300x	as long as short
Binance 1000PEPEUSDT	+0.0640%	8h	0.000005043	+0.868%	$141.0M	$1.21B	75x	as long as short
Extended 1000PEPE-USD	+0.0640%	1h	0.000005041	+0.811%	$533K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0640%	1h	0.000005043	+0.860%	$143K	—	3x	as long as short
Phemex u1000PEPEUSDT	+0.0737%	8h	0.000005049	+0.974%	$2.4M	$7.1M	50x	as long as short
Aster 1000PEPEUSDT	+0.0737%	8h	0.000005042	+0.848%	$1.8M	$9.2M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0742%	1h	0.000005044	+0.880%	$71K	$124K	25x	as long as short
Nado kPEPE-PERP	+0.0792%	1h	0.000005036	+0.726%	$184K	$871K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0805%	8h	0.000005040	+0.809%	$6K	—	20x	as long as short
01 Exchange kPEPEUSD	+0.0968%	1h	0.000005045	+0.900%	$609	$3K	10x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+2.100%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0975%	1h	0.000005046	+0.914%	$96K	$627K	15x	as long as short
Lighter 1000PEPE	+0.1216%	1h	0.000005044	+0.880%	$668K	$8.1M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1380%	1h	0.000005041	+0.828%	$4.3M	$15.2M	50x	as long as short
Hyperliquid kPEPE	+0.1608%	1h	0.000005050	+1.000%	$54.0M	$139.5M	10x	as long as short