Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.078%

Price spread now: edgeX against Hyperliquid−1.366%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 3 days (all we have)+1.373%+$137 · spread now −1.366%, 7d avg −0.138%

Together, before fees+1.008%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · 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: edgeX is 1.228% cheaper against Hyperliquid than usual: you would sell low and buy high, −$123 on $10k if it goes back to its 7-day average of −0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004892	0.0100	pay 0.0013% / 1h	55m 06s	$60.2M	$74.4M	10x
Short	edgeX 1000PEPEUSDC	0.000004825	0.0100	get 0.0050% / 4h	1h 55m	$27K	$341K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −1.366%Rate

Funding earned: $0
Price spread: −1.366% → −0.138%: −$122.77
Slippage, 4 orders: −$10.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$150.91
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; edgeX: live order book, 28 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, 9 min ago	1.04 bp	7.6 bp −$8	11.5 bp −$115	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	0.93 bp	5.9 bp −$6	112.6 bp −$1,126	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
dYdX PEPE-USD	0.0000%	1h	0.000004897	+0.103%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004888	−0.076%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004892	long leg	$60.2M	$74.4M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004898	+0.123%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004893	+0.020%	$89.0M	$277.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004893	+0.020%	$152.7M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004894	+0.033%	$25.2M	$53.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004876	−0.325%	$556K	$3.9M	—	as long as short
edgeX 1000PEPEUSDCshort	+0.0100%	4h	0.000004825	−1.366%	$27K	$341K	20x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004900	+0.174%	$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	0.000004897	+0.104%	$560K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0182%	8h	0.000004896	+0.074%	$43.1M	$151.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004899	+0.152%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0200%	8h	0.000004894	+0.041%	$41.8M	$495.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0319% / S −0.0217%	1h	0.000004000	−18.234%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0321%	8h	0.000004898	+0.123%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0433%	8h	0.000004898	+0.119%	$30K	$11K	20x	as long as short
Nado kPEPE-PERP	+0.0443%	1h	0.000004905	+0.265%	$192K	$848K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004893	+0.020%	$579K	$25.5M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0455%	1h	0.000004893	+0.020%	$2K	$9K	10x	as long as short
Phemex u1000PEPEUSDT	+0.0466%	8h	0.000004899	+0.139%	$2.4M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0519%	8h	0.000004903	+0.217%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0528%	1h	0.000004898	+0.123%	$620K	$5.3M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0568%	1h	0.000004895	+0.061%	$83K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.0816%	1h	0.000004906	+0.286%	$562	$2K	10x	as long as short
BingX 1000PEPE-USDC	+0.0839%	8h	0.000004893	+0.029%	—	$2.3M	—	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004885	−0.143%	$4K	$103K	12x	as long as short
Aevo 1000PEPE-PERP	+0.0880%	1h	0.000004894	+0.041%	$138K	—	3x	as long as short
MEXC PEPE_USDT	+0.0885%	8h	0.000004898	+0.125%	$92.9M	$282.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0887%	8h	0.000004897	+0.098%	$131.3M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0888%	1h	0.000004898	+0.125%	$538K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0918%	8h	0.000004896	+0.092%	$1.5M	$6.9M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.1184%	1h	0.000004896	+0.080%	$93K	$614K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1303%	1h	0.000004894	+0.044%	$4.0M	$13.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1397%	1h	0.000004853	−0.797%	$103K	$764K	25x	as long as short