Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.079%

Price spread now: Lighter against HTX+0.166%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)−0.261%−$26 · spread now +0.166%, 7d avg +0.024%

Together, before fees−0.179%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.143% dearer against HTX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PEPE-USDT	0.000004812	0.0100	pay 0.0100% / 8h	1h 21m	$543K	$3.5M	75x
Short	Lighter 1000PEPE	0.000004820	0.0096	get 0.0012% / 1h	21m 34s	$670K	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$0.84
Price spread: +0.166% → +0.024%: $14.27
Slippage, 4 orders: −$25.04
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$23.61
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Lighter: live order book, 7 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, 2 min ago	3.95 bp	13.0 bp −$13	18.8 bp −$188	139.3 bp −$13.9K	doesn't fit
Sell Lighter live order book, 7 min ago	1.04 bp	6.3 bp −$6	18.2 bp −$182	44.3 bp −$4,433	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
dYdX PEPE-USD	0.0000%	1h	0.000004811	−0.014%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004803	−0.195%	$14K	—	150x	as long as short
Lighter 1000PEPEshort	+0.0096%	1h	0.000004820	+0.166%	$670K	$5.8M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004809	−0.062%	$62.8M	$80.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004816	+0.083%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004812	+0.008%	$87.1M	$281.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004808	−0.083%	$150.2M	$63.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004815	+0.052%	$24.8M	$54.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004813	+0.019%	$537K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004812	+0.010%	$27K	$343K	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	0.000004816	+0.073%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004810	−0.042%	$2K	$12K	10x	as long as short
HTX PEPE-USDTlong	+0.0100%	8h	0.000004812	long leg	$543K	$3.5M	75x
Bitget PEPEUSDT	+0.0130%	8h	0.000004814	+0.033%	$42.3M	$152.1M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004815	+0.064%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004816	+0.083%	$41.9M	$493.1M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0211% / S −0.0090%	1h	0.000004000	−16.874%	$54K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0311%	8h	0.000004804	−0.163%	$5K	$16	20x	as long as short
BloFin PEPE-USDT	+0.0327%	8h	0.000004808	−0.083%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0372%	8h	0.000004810	−0.031%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004816	+0.083%	$552	$2K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004810	−0.042%	$594K	$25.7M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0449%	8h	0.000004807	−0.112%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0579%	1h	0.000004813	+0.023%	$92K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0583%	1h	0.000004807	−0.104%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0605%	1h	0.000004813	+0.021%	$102K	$763K	25x	as long as short
Nado kPEPE-PERP	+0.0752%	1h	0.000004815	+0.065%	$186K	$853K	10x	as long as short
BingX 1000PEPE-USDC	+0.0780%	8h	0.000004807	−0.098%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0784%	1h	0.000004808	−0.083%	$136K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0785%	8h	0.000004816	+0.083%	$130.5M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0788%	8h	0.000004813	+0.025%	$91.5M	$284.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004815	+0.057%	$529K	$148K	25x	as long as short
Aster 1000PEPEUSDT	+0.0802%	8h	0.000004817	+0.102%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004815	+0.062%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1327%	1h	0.000004807	−0.107%	$3.9M	$13.3M	50x	as long as short