Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h −0.047%

Price spread now: Paradex against Hyperliquid+0.359%54s7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Paradex is 0.359% dearer against Hyperliquid than usual: you sell high and buy low: +$36 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004802	0.0100	pay 0.0013% / 1h	36m 43s	$56.6M	$69.7M	10x
Short	Paradex kPEPE-USD-PERP	0.000004819	0.0354	get 0.0354% / 8h	2h 36m	$5K	$16	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.359%Rate

Funding earned: $53.28
Price spread: +0.359% → 0.000%: $35.92
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: $76.21
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 7 min ago; Paradex: 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, 7 min ago	2.06 bp	9.4 bp −$9	10.5 bp −$105	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	0.000004796	−0.134%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004803	+0.021%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004802	long leg	$56.6M	$69.7M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004818	+0.333%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004797	−0.104%	$88.5M	$272.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004796	−0.125%	$148.1M	$61.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004800	−0.046%	$23.8M	$52.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004852	+1.031%	$713K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004821	+0.396%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004814	+0.244%	$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	0.000004808	+0.127%	$554K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0119%	8h	0.000004797	−0.104%	$41.2M	$487.1M	50x	as long as short
Bitget PEPEUSDT	+0.0170%	8h	0.000004800	−0.040%	$43.3M	$152.1M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004812	+0.210%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0241%	8h	0.000004812	+0.208%	$3.9M	$21.5M	75x	as long as short
Lighter 1000PEPE	+0.0256%	1h	0.000004802	0.000%	$591K	$5.1M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.701%	$52K	—	100x	as long as short
Paradex kPEPE-USD-PERPshort	+0.0354%	8h	0.000004819	+0.359%	$5K	$16	20x
Orderly PERP_1000PEPE_USDC	+0.0371%	8h	0.000004810	+0.173%	$30K	$10K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0385%	1h	0.000004809	+0.148%	$100K	$621K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004818	+0.333%	$589K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0474%	8h	0.000004811	+0.185%	$2.3M	$6.3M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0545%	1h	0.000004807	+0.104%	$2K	$9K	10x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004820	+0.375%	$4K	$92K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0582%	1h	0.000004810	+0.167%	$81K	$94K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000004856	+1.125%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0659%	1h	0.000004813	+0.234%	$179K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004807	+0.110%	$3.9M	$12.9M	50x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004806	+0.081%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004813	+0.229%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0807%	8h	0.000004803	+0.025%	$89.3M	$288.9M	300x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004802	−0.007%	$529K	$146K	25x	as long as short
Binance 1000PEPEUSDT	+0.0810%	8h	0.000004800	−0.046%	$127.3M	$1.01B	75x	as long as short
Aster 1000PEPEUSDT	+0.0854%	8h	0.000004804	+0.032%	$1.5M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1264%	1h	0.000004823	+0.437%	$552	$2K	10x	as long as short