Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h −0.091%

Price spread now: BingX against Injective−0.102%57s7-day average −0.605% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as 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−$1111.106% of the position

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.102%, 7d avg −0.605%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.503% dearer against Injective than usual: you sell high and buy low: +$50 more if the spread goes back to its 7-day average of −0.605%. Mind the row above: over the last 7 days funding on this pair cost −0.337%, so the current rate has only just turned in your favour. The two prices were read 57 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	Injective PEPE/USDC PERP	0.000004728	0.0437	pay 0.0055% / 1h	6m 26s	$4K	$102K	12x
Short	BingX 1000PEPE-USDC	0.000004723	0.0559	get 0.0559% / 8h	6m 26s	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −0.102%Rate

Funding earned: $25.7
Price spread: −0.102% → −0.605%: $50.34
Slippage, 4 orders: −$100.59
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.57
Costs to cover: 1.106%
Break-even: 16.4 days

Slippage from Injective: live order book, 7 min ago; BingX: live order book, 2 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 Injective live order book, 7 min ago	18.02 bp	66.5 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	0.42 bp	12.3 bp −$12	16.6 bp −$166	79.4 bp −$7,943	236.0 bp −$118.0K

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
Hyperliquid kPEPE	−0.0334%	1h	0.000004724	−0.085%	$68.5M	$98.9M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004727	−0.013%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004724	−0.080%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004728	+0.007%	$3.8M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004727	−0.021%	$55K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004727	−0.030%	$86.9M	$294.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004728	0.000%	$149.8M	$65.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004732	+0.089%	$24.1M	$54.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004728	+0.011%	$41.8M	$151.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004725	−0.066%	$544K	$4.2M	—	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	0.000004722	−0.120%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004722	−0.127%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004736	+0.173%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004730	+0.042%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004714	−0.290%	$532K	$3.5M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004731	+0.060%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0184%	1h	0.000004732	+0.085%	$571K	$6.6M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004729	+0.025%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0192%	8h	0.000004729	+0.013%	$2.3M	$6.5M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0198%	8h	0.000004729	+0.021%	$42.0M	$495.5M	50x	as long as short
01 Exchange kPEPEUSD	+0.0312%	1h	0.000004735	+0.148%	$542	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004730	+0.042%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0348%	8h	0.000004727	−0.019%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0391% / S −0.0429%	1h	0.000004000	−15.398%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004711	−0.360%	$568K	$25.3M	50x	as long as short
Injective PEPE/USDC PERPlong	+0.0437%	1h	0.000004728	long leg	$4K	$102K	12x
Backpack kPEPE_USDC_PERP	+0.0526%	1h	0.000004731	+0.053%	$92K	$603K	15x	as long as short
Aster 1000PEPEUSDT	+0.0558%	8h	0.000004729	+0.027%	$1.5M	$7.3M	50x	as long as short
BingX 1000PEPE-USDCshort	+0.0559%	8h	0.000004723	−0.102%	—	$2.3M	—
Binance 1000PEPEUSDT	+0.0566%	8h	0.000004730	+0.047%	$132.3M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000004729	+0.024%	$518K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0568%	8h	0.000004732	+0.082%	$88.4M	$283.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0568%	1h	0.000004730	+0.042%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0609%	1h	0.000004733	+0.111%	$179K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0808%	1h	0.000004729	+0.021%	$76K	$98K	25x	as long as short