Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0464%/8h= +50.8% APRpaid last 24h +0.089%

Price spread now: Backpack against HTX−0.036%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$570.575% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.036%, 7d avg −0.019%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.150% in total (about 7.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PEPE-USDT	0.000005017	0.0100	pay 0.0100% / 8h	7h 21m	$563K	$3.5M	75x
Short	Backpack kPEPE_USDC_PERP	0.000005016	0.0564	get 0.0070% / 1h	21m 08s	$95K	$601K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.036%Rate

Funding earned: $97.38
Price spread: −0.036% → −0.019%: −$1.69
Slippage, 4 orders: −$35.47
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $38.23
Costs to cover: 0.575%
Break-even: 4.3 days

Slippage from HTX: live order book, 3 min ago; Backpack: live order book, 53 min ago.

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 HTX live order book, 3 min ago	7.30 bp	15.1 bp −$15	34.8 bp −$348	166.7 bp −$16.7K	doesn't fit
Sell Backpack live order book, 53 min ago	2.22 bp	10.5 bp −$11	23.9 bp −$239	doesn't fit	doesn't fit

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	−0.0117%	1h	0.000005015	−0.048%	$3.9M	$14.2M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005009	−0.176%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005009	−0.169%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005018	+0.012%	$59K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005013	−0.088%	$93.5M	$305.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005011	−0.128%	$161.1M	$67.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005018	+0.020%	$25.5M	$56.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005015	−0.054%	$43.7M	$153.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005008	−0.194%	$576K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005007	−0.205%	$52K	$378K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005020	+0.062%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005014	−0.068%	$2K	$12K	10x	as long as short
HTX PEPE-USDTlong	+0.0100%	8h	0.000005017	long leg	$563K	$3.5M	75x
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005019	+0.030%	$2.4M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000005017	−0.008%	$44.4M	$536.4M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005013	−0.079%	$8K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0228%	8h	0.000005009	−0.159%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0280%	8h	0.000005012	−0.108%	$31K	$14K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0283%	1h	0.000005007	−0.207%	$104K	$755K	25x	as long as short
BloFin PEPE-USDT	+0.0305%	8h	0.000005017	−0.008%	$4.1M	$23.9M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000005018	+0.012%	$702K	$27.5M	50x	as long as short
Lighter 1000PEPE	+0.0464%	1h	0.000005019	+0.032%	$642K	$6.8M	10x	as long as short
BingX 1000PEPE-USDC	+0.0479%	8h	0.000005015	−0.052%	—	$2.3M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0482% / S −0.0384%	1h	0.000005000	−0.347%	$63K	—	100x	as long as short
Binance 1000PEPEUSDT	+0.0485%	8h	0.000005013	−0.082%	$138.7M	$1.11B	75x	as long as short
MEXC PEPE_USDT	+0.0487%	8h	0.000005013	−0.088%	$98.0M	$286.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0488%	1h	0.000005013	−0.084%	$551K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0488%	1h	0.000005013	−0.088%	$142K	—	3x	as long as short
Nado kPEPE-PERP	+0.0489%	1h	0.000005017	−0.015%	$195K	$859K	10x	as long as short
01 Exchange kPEPEUSD	+0.0512%	1h	0.000005018	+0.012%	$1K	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0525%	8h	0.000005018	+0.019%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0564%	1h	0.000005016	−0.036%	$95K	$601K	15x
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005017	−0.008%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0748%	1h	0.000005014	−0.068%	$64K	$111K	25x	as long as short
Hyperliquid kPEPE	+0.1267%	1h	0.000005039	+0.431%	$58.6M	$125.6M	10x	as long as short