Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2335%/8h= −255.7% APRpaid last 24h −0.055%

Price spread now: Orderly against Hyperliquid−0.176%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$70 a day on $10k at the current rate, and Orderly is 0.176% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004949	0.2605	pay 0.0326% / 1h	55m 55s	$54.6M	$134.1M	10x
Short	Orderly PERP_1000PEPE_USDC	0.000004940	0.0270	get 0.0270% / 8h	6h 55m	$32K	$22K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.176%Rate

Funding earned: −$490.35
Price spread: −0.176% → 0.000%: −$17.58
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$522.93
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Orderly: no order-book sample. Net counts fees only.

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, 8 min ago	2.98 bp	7.5 bp −$7	16.5 bp −$165	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004934	−0.310%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004932	−0.337%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004943	−0.121%	$58K	$122K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004949	−0.002%	$95.6M	$314.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004943	−0.121%	$158.1M	$68.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004946	−0.065%	$24.9M	$58.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004945	−0.089%	$43.7M	$157.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004938	−0.228%	$556K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004990	+0.827%	$46K	$385K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004947	−0.038%	$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	0.000004947	−0.030%	$551K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004937	−0.234%	$2.3M	$6.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004942	−0.142%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0197%	8h	0.000004953	+0.081%	$43.4M	$544.0M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0199%	1h	0.000004986	+0.748%	$106K	$751K	25x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0270%	8h	0.000004940	−0.176%	$32K	$22K	20x
SoDEX 1000PEPE-USD	+0.0290%	1h	0.000004945	−0.081%	$2K	$12K	10x	as long as short
BloFin PEPE-USDT	+0.0314%	8h	0.000004969	+0.404%	$4.2M	$24.3M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0335%	8h	0.000004928	−0.425%	$6K	$16	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0358%	1h	0.000004941	−0.162%	$60K	$114K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000004944	−0.101%	$640K	$27.9M	50x	as long as short
BingX 1000PEPE-USDT	+0.0451%	8h	0.000004946	−0.059%	—	$257.8M	—	as long as short
Extended 1000PEPE-USD	+0.0464%	1h	0.000004947	−0.034%	$543K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0464%	1h	0.000004948	−0.020%	$140K	—	3x	as long as short
MEXC PEPE_USDT	+0.0467%	8h	0.000004950	+0.018%	$93.2M	$286.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0468%	8h	0.000004948	−0.017%	$136.2M	$1.15B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0501% / S −0.0408%	1h	0.000004000	−19.176%	$62K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0528%	8h	0.000004941	−0.164%	$1.7M	$7.8M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0658%	1h	0.000004938	−0.230%	$99K	$616K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.0843%	1h	0.000004940	−0.184%	$3.9M	$14.3M	50x	as long as short
01 Exchange kPEPEUSD	+0.0872%	1h	0.000004950	+0.020%	$1K	$2K	10x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005000	+1.031%	$4K	$102K	12x	as long as short
Lighter 1000PEPE	+0.0984%	1h	0.000004945	−0.081%	$638K	$6.8M	10x	as long as short
Nado kPEPE-PERP	+0.1067%	1h	0.000004949	−0.004%	$175K	$873K	10x	as long as short
Hyperliquid kPEPElong	+0.2605%	1h	0.000004949	long leg	$54.6M	$134.1M	10x