Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0587%/8h= −64.3% APRpaid last 24h −0.075%

Price spread now: Phemex against GMX+2.830%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 Phemex

What this pair did over the last

the charts below follow

Funding, last 4 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. Phemex is 2.830% dearer against GMX than usual: you sell high and buy low (spread +2.830% now, against zero (this spread has no 7-day history yet)): +$283 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.1020% / S −0.1149%	pay 0.0127% / 1h	50m 26s	$51K	—	100x
Short	Phemex u1000PEPEUSDT	0.000005141	0.0433	get 0.0433% / 8h	7h 50m	$2.4M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +2.830%Rate

Funding earned: −$123.27
Price spread: +2.830% → 0.000%: $283
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: $135.73
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 3 min ago	1.17 bp	19.7 bp −$20	42.4 bp −$424	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	0.000005135	+2.703%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005139	+2.778%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005140	+2.800%	$60K	$186K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005132	+2.640%	$99.0M	$435.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005131	+2.620%	$163.5M	$99.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005142	+2.833%	$636K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005125	+2.509%	$28K	$549K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005140	+2.808%	$2K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005149	+2.974%	$602K	$4.2M	75x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0134%	1h	0.000005124	+2.480%	$149K	$836K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PEPE/USDC PERP	+0.0147%	1h	0.000005124	+2.480%	$8K	$120K	12x	as long as short
KuCoin PEPEUSDTM	+0.0156%	8h	0.000005137	+2.734%	$26.8M	$74.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005130	+2.607%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0228%	8h	0.000005131	+2.618%	$46.1M	$221.9M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0280%	1h	0.000005143	+2.860%	$2K	$11K	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0345%	8h	0.000005134	+2.680%	$47.3M	$750.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0428%	8h	0.000005135	+2.690%	$34K	$26K	20x	as long as short
Phemex u1000PEPEUSDTshort	+0.0433%	8h	0.000005141	+2.830%	$2.4M	$8.1M	50x
Paradex kPEPE-USD-PERP	+0.0433%	8h	0.000005139	+2.776%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0465%	8h	0.000005141	+2.820%	$4.5M	$30.5M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0492%	1h	0.000005140	+2.802%	$77K	$894K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0504%	1h	0.000005145	+2.900%	$677K	$40.0M	50x	as long as short
01 Exchange kPEPEUSD	+0.0552%	1h	0.000005141	+2.820%	$620	$2K	10x	as long as short
Hyperliquid kPEPE	+0.0582%	1h	0.000005136	+2.720%	$53.2M	$159.9M	10x	as long as short
Nado kPEPE-PERP	+0.0589%	1h	0.000005136	+2.719%	$163K	$964K	10x	as long as short
Lighter 1000PEPE	+0.0616%	1h	0.000005144	+2.880%	$623K	$9.0M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0617%	1h	0.000005141	+2.813%	$4.8M	$16.7M	50x	as long as short
BingX 1000PEPE-USDT	+0.0652%	8h	0.000005134	+2.682%	—	$175.7M	—	as long as short
Binance 1000PEPEUSDT	+0.0680%	8h	0.000005135	+2.704%	$141.8M	$1.51B	75x	as long as short
Extended 1000PEPE-USD	+0.0680%	1h	0.000005135	+2.702%	$539K	$280K	25x	as long as short
MEXC PEPE_USDT	+0.0680%	8h	0.000005134	+2.684%	$100.1M	$305.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0680%	1h	0.000005131	+2.620%	$145K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0698%	8h	0.000005136	+2.720%	$1.7M	$12.0M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0724%	1h	0.000005141	+2.820%	$73K	$128K	25x	as long as short
GMX PEPE/USD [ETH-USDC]long	L +0.1020% / S −0.1149%	1h	0.000005000	long leg	$51K	—	100x