Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0756%/8h= +82.8% APRpaid last 24h −0.094%

Price spread now: Binance against Hyperliquid+0.029%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.423%−$42 on $10k

Price spread, last 7 days−0.077%−$8 · spread now +0.029%, 7d avg −0.064%

Together, before fees−0.500%+ Points / potential airdropHyperliquid: Season 2 · farm board−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Binance is 0.093% dearer against Hyperliquid than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.423%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.423% in total (about -22.1% 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	Hyperliquid kPEPE	0.000004816	0.0100	pay 0.0013% / 1h	17m 30s	$58.0M	$71.7M	10x
Short	Binance 1000PEPEUSDT	0.000004817	0.0856	get 0.0856% / 8h	2h 17m	$128.2M	$1.02B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now +0.029%Rate

Funding earned: $158.82
Price spread: +0.029% → −0.064%: $9.35
Slippage, 4 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: $138.17
Costs to cover: 0.300%
Break-even: 0.9 days

Slippage from Hyperliquid: live order book, 6 min ago; Binance: live order book, 11 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 Hyperliquid live order book, 6 min ago	1.03 bp	5.5 bp −$6	10.2 bp −$102	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.10 bp	6.7 bp −$7	13.7 bp −$137	38.9 bp −$3,892	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	0.000004815	−0.026%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004810	−0.131%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004816	long leg	$58.0M	$71.7M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004818	+0.042%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004812	−0.083%	$88.1M	$274.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004814	−0.042%	$150.3M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004820	+0.087%	$25.1M	$53.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004844	+0.586%	$709K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	+0.289%	$27K	$340K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004827	+0.228%	$1K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004825	+0.197%	$556K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0159%	8h	0.000004813	−0.062%	$41.4M	$484.9M	50x	as long as short
Bitget PEPEUSDT	+0.0178%	8h	0.000004817	+0.010%	$42.6M	$150.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004816	+0.005%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0273%	8h	0.000004821	+0.104%	$3.8M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.944%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0405%	8h	0.000004817	+0.017%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004823	+0.145%	$579K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0473%	8h	0.000004817	+0.027%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0501%	8h	0.000004820	+0.081%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0552%	1h	0.000004823	+0.145%	$609K	$5.2M	10x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004834	+0.374%	$4K	$110K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0581%	1h	0.000004815	−0.021%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0679%	1h	0.000004813	−0.054%	$93K	$622K	15x	as long as short
Nado kPEPE-PERP	+0.0732%	1h	0.000004819	+0.063%	$188K	$848K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0761%	1h	0.000004814	−0.046%	$3.9M	$13.0M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0801%	1h	0.000004816	0.000%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDC	+0.0808%	8h	0.000004815	−0.031%	—	$2.3M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0821%	1h	0.000004843	+0.561%	$102K	$762K	25x	as long as short
MEXC PEPE_USDT	+0.0855%	8h	0.000004821	+0.102%	$90.3M	$291.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0856%	1h	0.000004822	+0.127%	$529K	$147K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0856%	1h	0.000004821	+0.104%	$136K	—	3x	as long as short
Binance 1000PEPEUSDTshort	+0.0856%	8h	0.000004817	+0.029%	$128.2M	$1.02B	75x
Aster 1000PEPEUSDT	+0.0888%	8h	0.000004817	+0.021%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1224%	1h	0.000004829	+0.270%	$553	$2K	10x	as long as short