Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0671%/8h= −73.5% APRpaid last 24h −0.064%

Price spread now: Bybit against GMX+4.082%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 Bybit

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. Bybit is 4.082% dearer against GMX than usual: you sell high and buy low (spread +4.082% now, against zero (this spread has no 7-day history yet)): +$408 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 20 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.0771% / S −0.1552%	pay 0.0096% / 1h	27m 28s	$64K	—	100x
Short	Bybit 1000PEPEUSDT	0.000005204	0.0100	get 0.0100% / 8h	4h 27m	$101.6M	$354.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +4.082%Rate

Funding earned: −$140.98
Price spread: +4.082% → 0.000%: $408.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $244.22
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	0.96 bp	12.4 bp −$12	21.1 bp −$211	43.7 bp −$4,368	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	0.000005213	+4.261%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005200	+3.996%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005222	+4.440%	$66K	$144K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005204	+4.082%	$101.6M	$354.4M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005215	+4.300%	$175.1M	$78.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005208	+4.166%	$26.3M	$65.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005188	+3.752%	$760K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005196	+3.923%	$37K	$459K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005227	+4.540%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005225	+4.496%	$595K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005208	+4.154%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0198%	8h	0.000005208	+4.158%	$48.2M	$178.2M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	+3.460%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0345%	8h	0.000005225	+4.500%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0378%	8h	0.000005207	+4.140%	$48.7M	$628.3M	50x	as long as short
BloFin PEPE-USDT	+0.0499%	8h	0.000005230	+4.600%	$4.3M	$26.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0535%	8h	0.000005225	+4.492%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005226	+4.520%	$995K	$33.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0684%	8h	0.000005216	+4.318%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0728%	1h	0.000005224	+4.480%	$148K	—	3x	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000005211	+4.224%	$553K	$226K	25x	as long as short
MEXC PEPE_USDT	+0.0738%	8h	0.000005209	+4.176%	$99.4M	$290.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0738%	8h	0.000005210	+4.192%	$149.9M	$1.25B	75x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0771% / S −0.1552%	1h	0.000005000	long leg	$64K	—	100x
Paradex kPEPE-USD-PERP	+0.0817%	8h	0.000005213	+4.261%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0826%	1h	0.000005211	+4.219%	$194K	$897K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0834%	1h	0.000005220	+4.400%	$104K	$743K	25x	as long as short
Aster 1000PEPEUSDT	+0.0854%	8h	0.000005220	+4.392%	$1.9M	$9.5M	50x	as long as short
Lighter 1000PEPE	+0.0872%	1h	0.000005223	+4.460%	$600K	$8.3M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0900%	1h	0.000005225	+4.500%	$74K	$125K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0910%	1h	0.000005221	+4.420%	$2K	$11K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1168%	1h	0.000005228	+4.560%	$99K	$666K	15x	as long as short
01 Exchange kPEPEUSD	+0.1168%	1h	0.000005213	+4.260%	$629	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1246%	1h	0.000005226	+4.521%	$4.7M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1592%	1h	0.000005214	+4.280%	$56.2M	$141.7M	10x	as long as short