Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.049%

Price spread now: Coinbase International against HTX+0.100%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.187%−$19 · spread now +0.100%, 7d avg −0.011%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.110% dearer against HTX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.011%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% in total (about -2.2% 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	0.000005105	0.0100	pay 0.0100% / 8h	6h 06m	$576K	$3.6M	75x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000005110	0.0424	get 0.0053% / 1h	6m 11s	$921K	$30.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.100%Rate

Funding earned: $68.04
Price spread: +0.100% → −0.011%: $11.05
Slippage, 4 orders: −$40.28
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $16.81
Costs to cover: 0.623%
Break-even: 5.3 days

Slippage from HTX: live order book, 3 min ago; Coinbase International: live order book, 3 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	10.41 bp	18.7 bp −$19	41.3 bp −$413	94.4 bp −$9,443	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.91 bp	11.2 bp −$11	21.5 bp −$215	doesn't fit	doesn't fit

PEPE on 34 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	0.000005109	+0.083%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0009%	1h	0.000005091	−0.276%	$20K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005110	+0.100%	$63K	$127K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005093	−0.241%	$99.2M	$326.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005098	−0.135%	$163.8M	$72.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005096	−0.174%	$25.5M	$61.3M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005100	−0.096%	$47.5M	$166.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005085	−0.397%	$648K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005074	−0.598%	$27K	$421K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005103	−0.029%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDTlong	+0.0100%	8h	0.000005105	long leg	$576K	$3.6M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005108	+0.055%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0265%	8h	0.000005089	−0.311%	$46.0M	$578.6M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0291%	8h	0.000005103	−0.035%	$33K	$24K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0424%	1h	0.000005110	+0.100%	$921K	$30.7M	50x
Phemex u1000PEPEUSDT	+0.0459%	8h	0.000005100	−0.094%	$2.4M	$7.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0520%	8h	0.000005098	−0.139%	—	$259.5M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0529% / S −0.0560%	1h	0.000005000	−2.055%	$57K	—	100x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0536%	1h	0.000005096	−0.174%	$62K	$114K	25x	as long as short
MEXC PEPE_USDT	+0.0551%	8h	0.000005099	−0.114%	$97.0M	$292.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0552%	1h	0.000005099	−0.116%	$144K	—	3x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0554%	1h	0.000005067	−0.742%	$105K	$749K	25x	as long as short
Binance 1000PEPEUSDT	+0.0557%	8h	0.000005100	−0.102%	$144.4M	$1.18B	75x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000005098	−0.139%	$562K	$199K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0614%	1h	0.000005100	−0.096%	$2K	$12K	10x	as long as short
Nado kPEPE-PERP	+0.0645%	1h	0.000005107	+0.041%	$193K	$882K	10x	as long as short
Aster 1000PEPEUSDT	+0.0660%	8h	0.000005104	−0.027%	$1.7M	$8.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0660%	8h	0.000005101	−0.078%	$6K	—	20x	as long as short
Kraken Futures PF_PEPEUSD	+0.0817%	1h	0.000005097	−0.152%	$4.1M	$14.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005124	+0.374%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0957%	1h	0.000005120	+0.300%	$99K	$610K	15x	as long as short
01 Exchange kPEPEUSD	+0.0968%	1h	0.000005118	+0.257%	$617	$3K	10x	as long as short
Lighter 1000PEPE	+0.1808%	1h	0.000005109	+0.080%	$1.1M	$7.4M	10x	as long as short
Hyperliquid kPEPE	+0.2053%	1h	0.000005115	+0.198%	$56.5M	$136.1M	10x	as long as short