Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0289%/8h= −31.7% APRpaid last 24h −0.070%

Price spread now: Gate against GMX+18.225%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 Gate

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. Gate is 18.225% dearer against GMX than usual: you sell high and buy low (spread +18.225% now, against zero (this spread has no 7-day history yet)): +$1,823 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 7 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000004000	L +0.0389% / S −0.0427%	pay 0.0049% / 1h	6m 49s	$43K	—	100x
Short	Gate PEPE_USDT	0.000004729	0.0100	get 0.0100% / 8h	6m 49s	$149.8M	$65.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +18.225%Rate

Funding earned: −$60.79
Price spread: +18.225% → 0.000%: $1,822.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $1,734.71
Costs to cover: 0.270%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Gate: 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 Gate live order book, 2 min ago	2.12 bp	13.4 bp −$13	19.5 bp −$195	55.5 bp −$5,549	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
Hyperliquid kPEPE	−0.0335%	1h	0.000004723	+18.075%	$68.5M	$98.8M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004716	+17.907%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004721	+18.015%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004724	+18.111%	$3.8M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004724	+18.100%	$55K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004728	+18.195%	$86.9M	$294.8M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000004729	+18.225%	$149.8M	$65.1M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004731	+18.283%	$24.1M	$54.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004730	+18.243%	$41.8M	$151.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004715	+17.870%	$567K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004722	+18.059%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004722	+18.050%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004733	+18.338%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004728	+18.200%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004714	+17.857%	$532K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0168%	1h	0.000004729	+18.225%	$570K	$6.6M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004725	+18.118%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004724	+18.112%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0192%	8h	0.000004729	+18.215%	$2.3M	$6.5M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0200%	8h	0.000004729	+18.225%	$42.0M	$495.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0312%	1h	0.000004714	+17.850%	$540	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004730	+18.250%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0349%	8h	0.000004725	+18.125%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0389% / S −0.0427%	1h	0.000004000	long leg	$43K	—	100x
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004711	+17.775%	$568K	$25.3M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004728	+18.200%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0526%	1h	0.000004731	+18.263%	$92K	$603K	15x	as long as short
BingX 1000PEPE-USDC	+0.0559%	8h	0.000004722	+18.040%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0559%	8h	0.000004729	+18.236%	$1.5M	$7.3M	50x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000004733	+18.326%	$518K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0568%	8h	0.000004732	+18.302%	$88.4M	$283.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0568%	8h	0.000004728	+18.203%	$132.3M	$1.07B	75x	as long as short
Aevo 1000PEPE-PERP	+0.0576%	1h	0.000004725	+18.125%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0614%	1h	0.000004721	+18.025%	$178K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0809%	1h	0.000004727	+18.175%	$76K	$98K	25x	as long as short