Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0270%/8h= −29.6% APRpaid last 24h −0.043%

Price spread now: OKX against GMX+22.675%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 OKX

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. OKX is 22.675% dearer against GMX than usual: you sell high and buy low (spread +22.675% now, against zero (this spread has no 7-day history yet)): +$2,268 on $10k if it goes back. Holding the pair costs −$8 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]	0.000004000	L +0.0457% / S −0.0681%	pay 0.0057% / 1h	38m 25s	$46K	—	100x
Short	OKX PEPE-USDT-SWAP	0.000004907	0.0187	get 0.0187% / 8h	7h 38m	$43.1M	$518.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +22.675%Rate

Funding earned: −$56.77
Price spread: +22.675% → 0.000%: $2,267.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $2,188.73
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; OKX: live order book, 6 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 OKX live order book, 6 min ago	1.02 bp	8.0 bp −$8	11.0 bp −$110	34.8 bp −$3,483	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
Kraken Futures PF_PEPEUSD	−0.0120%	1h	0.000004889	+22.228%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004897	+22.430%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004902	+22.540%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004910	+22.750%	$59.2M	$112.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004901	+22.525%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004903	+22.575%	$90.0M	$300.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004902	+22.550%	$156.2M	$65.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004905	+22.623%	$24.9M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004904	+22.598%	$43.0M	$151.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004891	+22.269%	$572K	$4.3M	—	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	0.000004898	+22.441%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004897	+22.428%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004889	+22.225%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004905	+22.617%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004882	+22.053%	$2.3M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0187%	8h	0.000004907	+22.675%	$43.1M	$518.8M	50x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004902	+22.561%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0192%	8h	0.000004906	+22.646%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0192%	1h	0.000004900	+22.500%	$573K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0301%	8h	0.000004903	+22.575%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0309%	8h	0.000004889	+22.225%	$4.0M	$23.1M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004889	+22.225%	$544K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0424%	1h	0.000004902	+22.539%	$187K	$850K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0437%	1h	0.000004900	+22.500%	$101K	$754K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004900	+22.500%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.0457% / S −0.0681%	1h	0.000004000	long leg	$46K	—	100x
BingX 1000PEPE-USDT	+0.0496%	8h	0.000004904	+22.595%	—	$256.9M	—	as long as short
Binance 1000PEPEUSDT	+0.0509%	8h	0.000004903	+22.566%	$137.4M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004905	+22.635%	$538K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004908	+22.700%	$139K	—	3x	as long as short
MEXC PEPE_USDT	+0.0514%	8h	0.000004903	+22.562%	$96.8M	$282.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0531%	8h	0.000004909	+22.733%	$1.5M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0569%	1h	0.000004890	+22.250%	$73K	$103K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0572%	1h	0.000004894	+22.343%	$93K	$600K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004908	+22.700%	$4K	$102K	12x	as long as short