Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0089%/8h= +9.8% APRpaid last 24h −0.059%

Price spread now: OKX against Hyperliquid−0.061%7-day average −0.109% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 on $10k

Price spread, last 7 days−0.026%−$3 · spread now −0.061%, 7d avg −0.109%

Together, before fees−0.437%+ Points / potential airdropHyperliquid: Season 2 · farm board−$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.048% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.109%. Mind the row above: over the last 7 days funding on this pair cost −0.411%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004903	0.0100	pay 0.0013% / 1h	41m 27s	$61.2M	$110.5M	10x
Short	OKX PEPE-USDT-SWAP	0.000004900	0.0189	get 0.0189% / 8h	7h 41m	$43.3M	$520.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.061%Rate

Funding earned: $18.71
Price spread: −0.061% → −0.109%: $4.81
Slippage, 4 orders: −$11.41
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$6.89
Costs to cover: 0.304%
Break-even: 9.6 days

Slippage from Hyperliquid: live order book, 12 min ago; OKX: 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 Hyperliquid live order book, 12 min ago	1.04 bp	5.5 bp −$6	9.4 bp −$94	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.02 bp	8.0 bp −$8	11.0 bp −$110	34.8 bp −$3,483	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
Kraken Futures PF_PEPEUSD	−0.0120%	1h	0.000004896	−0.140%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004891	−0.244%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004893	−0.202%	$15K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004903	long leg	$61.2M	$110.5M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004896	−0.143%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004893	−0.196%	$89.7M	$300.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004897	−0.122%	$155.7M	$65.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004899	−0.090%	$24.7M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004900	−0.069%	$43.0M	$152.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004859	−0.903%	$574K	$4.3M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004881	−0.445%	$26K	$350K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004902	−0.014%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004896	−0.143%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004892	−0.216%	$555K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004897	−0.126%	$2.3M	$6.5M	50x	as long as short
Lighter 1000PEPE	+0.0152%	1h	0.000004897	−0.122%	$571K	$6.7M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0187%	8h	0.000004895	−0.173%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004898	−0.092%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0189%	8h	0.000004900	−0.061%	$43.3M	$520.0M	50x
Orderly PERP_1000PEPE_USDC	+0.0304%	8h	0.000004900	−0.071%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0312%	8h	0.000004890	−0.265%	$4.0M	$23.2M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004896	−0.143%	$557K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0396%	1h	0.000004897	−0.122%	$186K	$848K	10x	as long as short
01 Exchange kPEPEUSD	+0.0424%	1h	0.000004903	0.000%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0451% / S −0.0669%	1h	0.000004000	−18.417%	$46K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0512%	8h	0.000004897	−0.124%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0518%	8h	0.000004900	−0.060%	$137.3M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0519%	8h	0.000004901	−0.039%	$96.7M	$281.5M	300x	as long as short
Extended 1000PEPE-USD	+0.0520%	1h	0.000004896	−0.143%	$538K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000004895	−0.163%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0534%	8h	0.000004901	−0.031%	$1.5M	$7.5M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0588%	1h	0.000004871	−0.653%	$101K	$754K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0608%	1h	0.000004894	−0.175%	$94K	$598K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004875	−0.571%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0976%	1h	0.000004898	−0.102%	$79K	$98K	25x	as long as short