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 −0.103%

Price spread now: Variational Omni against Hyperliquid−1.730%7-day average −0.163% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.375%−$38 on $10k

Price spread, last 7 days+1.599%+$160 · spread now −1.730%, 7d avg −0.163%

Together, before fees+1.224%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$122 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: Variational Omni is 1.566% cheaper against Hyperliquid than usual: you would sell low and buy high, −$157 on $10k if it goes back to its 7-day average of −0.163%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kPEPE	0.000004898	0.0100	pay 0.0013% / 1h	55m 59s	$60.2M	$74.2M	10x
Short	Variational Omni 1000PEPE	0.000004813	0.0100	get 0.0100% / 8h	1h 55m	$552K	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −1.730%Rate

Funding earned: $0
Price spread: −1.730% → −0.163%: −$156.62
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$165.62
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 3 min ago. 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	1.04 bp	7.6 bp −$8	11.5 bp −$115	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	5.19 bp	doesn't fit	19.7 bp −$197	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	0.000004870	−0.581%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004877	−0.423%	$14K	—	150x	as long as short
Hyperliquid kPEPElong	+0.0100%	1h	0.000004898	long leg	$60.2M	$74.2M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004876	−0.449%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004893	−0.098%	$89.0M	$277.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004896	−0.041%	$152.9M	$61.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004888	−0.198%	$25.3M	$53.4M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004813	−1.730%	$552K	$3.9M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004825	−1.487%	$27K	$341K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004891	−0.145%	$1K	$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	0.000004885	−0.259%	$558K	$3.4M	75x	as long as short
Bitget PEPEUSDT	+0.0183%	8h	0.000004895	−0.069%	$43.1M	$151.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004882	−0.332%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0201%	8h	0.000004897	−0.020%	$42.0M	$495.6M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−18.334%	$53K	—	100x	as long as short
BloFin PEPE-USDT	+0.0322%	8h	0.000004852	−0.939%	$3.9M	$22.1M	75x	as long as short
Nado kPEPE-PERP	+0.0419%	1h	0.000004878	−0.401%	$191K	$848K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0432%	8h	0.000004886	−0.255%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004881	−0.347%	$580K	$25.5M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0484%	8h	0.000004888	−0.206%	$2.4M	$6.4M	50x	as long as short
Lighter 1000PEPE	+0.0528%	1h	0.000004885	−0.265%	$581K	$5.3M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0528%	8h	0.000004878	−0.413%	$5K	$16	20x	as long as short
SoDEX 1000PEPE-USD	+0.0587%	1h	0.000004884	−0.286%	$2K	$9K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0784%	1h	0.000004816	−1.674%	$102K	$763K	25x	as long as short
BingX 1000PEPE-USDC	+0.0833%	8h	0.000004899	+0.014%	—	$2.3M	—	as long as short
01 Exchange kPEPEUSD	+0.0848%	1h	0.000004883	−0.306%	$559	$2K	10x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004849	−1.000%	$4K	$103K	12x	as long as short
Aevo 1000PEPE-PERP	+0.0880%	1h	0.000004886	−0.245%	$138K	—	3x	as long as short
MEXC PEPE_USDT	+0.0885%	8h	0.000004896	−0.031%	$93.0M	$282.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0886%	8h	0.000004897	−0.017%	$131.4M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0888%	1h	0.000004894	−0.073%	$538K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0915%	8h	0.000004890	−0.156%	$1.5M	$6.9M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0980%	1h	0.000004885	−0.265%	$83K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.1148%	1h	0.000004898	+0.006%	$94K	$614K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1307%	1h	0.000004882	−0.335%	$4.0M	$13.1M	50x	as long as short