Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.107%

Price spread now: Bybit against Hyperliquid+0.408%7-day average −0.136% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs+$20as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.491%−$49 on $10k

Price spread, last 7 days−0.518%−$52 · spread now +0.408%, 7d avg −0.136%

Together, before fees−1.009%+ Points / potential airdropHyperliquid: Season 2 · farm board−$101 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: Bybit is 0.544% dearer against Hyperliquid than usual: you sell high and buy low, +$54 on $10k if it goes back to its 7-day average of −0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004858	0.0100	pay 0.0013% / 1h	56m 52s	$59.6M	$74.0M	10x
Short	Bybit 1000PEPEUSDT	0.000004878	0.0100	get 0.0100% / 8h	1h 56m	$88.4M	$276.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.408%Rate

Funding earned: $0
Price spread: +0.408% → −0.136%: $54.37
Slippage, 4 orders: −$14.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $19.94
Costs to cover: 0.344%
Break-even: from the start

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	1.04 bp	7.6 bp −$8	11.5 bp −$115	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.03 bp	9.1 bp −$9	14.6 bp −$146	39.9 bp −$3,987	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	0.000004851	−0.154%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004850	−0.163%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004858	long leg	$59.6M	$74.0M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004851	−0.144%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004878	+0.408%	$88.4M	$276.6M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004870	+0.247%	$152.2M	$61.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004866	+0.173%	$25.2M	$53.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004813	−0.920%	$552K	$3.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004825	−0.675%	$27K	$341K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004861	+0.058%	$2K	$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	0.000004854	−0.074%	$555K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0184%	8h	0.000004872	+0.288%	$43.0M	$151.0M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004857	−0.022%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0200%	8h	0.000004882	+0.494%	$41.8M	$493.7M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−17.662%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004852	−0.124%	$3.9M	$22.1M	75x	as long as short
Nado kPEPE-PERP	+0.0387%	1h	0.000004856	−0.035%	$190K	$848K	10x	as long as short
Lighter 1000PEPE	+0.0424%	1h	0.000004855	−0.062%	$577K	$5.3M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0431%	8h	0.000004859	+0.023%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004852	−0.124%	$580K	$25.3M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0510%	8h	0.000004855	−0.054%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0537%	8h	0.000004859	+0.013%	$5K	$16	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0574%	1h	0.000004857	−0.021%	$82K	$94K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0608%	1h	0.000004852	−0.124%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0784%	1h	0.000004816	−0.865%	$102K	$763K	25x	as long as short
BingX 1000PEPE-USDC	+0.0831%	8h	0.000004871	+0.272%	—	$2.3M	—	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004849	−0.185%	$4K	$103K	12x	as long as short
Aevo 1000PEPE-PERP	+0.0880%	1h	0.000004856	−0.041%	$137K	—	3x	as long as short
MEXC PEPE_USDT	+0.0885%	8h	0.000004873	+0.317%	$92.4M	$281.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0886%	8h	0.000004876	+0.366%	$130.8M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0888%	1h	0.000004872	+0.281%	$535K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0914%	8h	0.000004876	+0.362%	$1.5M	$6.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.0928%	1h	0.000004857	−0.021%	$556	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1130%	1h	0.000004861	+0.054%	$93K	$614K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1315%	1h	0.000004852	−0.121%	$4.0M	$13.1M	50x	as long as short