Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0382%/8h= +41.9% APRpaid last 24h −0.081%

Price spread now: Phemex against Hyperliquid+0.102%48s7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$630.631% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.466%−$47 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.102%, 7d avg −0.083%

Together, before fees−0.501%+ Points / potential airdropHyperliquid: Season 2 · farm board−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phemex is 0.185% dearer against Hyperliquid than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.083%. Mind the row above: over the last 7 days funding on this pair cost −0.466%, so the current rate has only just turned in your favour. The two prices were read 48 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	0.000004812	0.0100	pay 0.0013% / 1h	38m 26s	$56.5M	$69.5M	10x
Short	Phemex u1000PEPEUSDT	0.000004817	0.0482	get 0.0482% / 8h	2h 38m	$2.3M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.102%Rate

Funding earned: $80.28
Price spread: +0.102% → −0.083%: $18.47
Slippage, 4 orders: −$42.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $35.64
Costs to cover: 0.631%
Break-even: 3.9 days

Slippage from Hyperliquid: live order book, 5 min ago; Phemex: live order book, 5 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, 5 min ago	2.06 bp	9.4 bp −$9	10.5 bp −$105	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	8.10 bp	19.4 bp −$19	42.6 bp −$426	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	0.000004804	−0.170%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004809	−0.071%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004812	long leg	$56.5M	$69.5M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004814	+0.042%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004802	−0.202%	$88.6M	$272.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004805	−0.145%	$148.1M	$61.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004807	−0.100%	$23.9M	$52.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004852	+0.821%	$713K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004858	+0.948%	$27K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004825	+0.264%	$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	0.000004819	+0.150%	$555K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0121%	8h	0.000004806	−0.125%	$41.4M	$488.0M	50x	as long as short
Bitget PEPEUSDT	+0.0170%	8h	0.000004813	+0.029%	$43.5M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004812	+0.004%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0235%	8h	0.000004813	+0.021%	$3.9M	$21.5M	75x	as long as short
Lighter 1000PEPE	+0.0256%	1h	0.000004821	+0.187%	$595K	$5.1M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0297%	1h	0.000004821	+0.195%	$100K	$621K	15x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.874%	$52K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0349%	8h	0.000004809	−0.057%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0368%	8h	0.000004809	−0.056%	$30K	$10K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004819	+0.145%	$590K	$25.4M	50x	as long as short
Phemex u1000PEPEUSDTshort	+0.0482%	8h	0.000004817	+0.102%	$2.3M	$6.3M	50x
SoDEX 1000PEPE-USD	+0.0508%	1h	0.000004816	+0.083%	$2K	$9K	10x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004842	+0.623%	$4K	$92K	12x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0629%	1h	0.000004856	+0.914%	$100K	$758K	25x	as long as short
Nado kPEPE-PERP	+0.0661%	1h	0.000004813	+0.022%	$179K	$866K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0760%	1h	0.000004817	+0.105%	$3.9M	$12.9M	50x	as long as short
BingX 1000PEPE-USDC	+0.0766%	8h	0.000004810	−0.048%	—	$2.3M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0788%	1h	0.000004820	+0.166%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004812	0.000%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0805%	8h	0.000004814	+0.037%	$89.4M	$288.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0807%	8h	0.000004817	+0.113%	$127.6M	$1.01B	75x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004806	−0.120%	$529K	$146K	25x	as long as short
Aster 1000PEPEUSDT	+0.0851%	8h	0.000004807	−0.108%	$1.5M	$6.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.1280%	1h	0.000004818	+0.125%	$552	$2K	10x	as long as short