Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0373%/8h= −40.9% APRpaid last 24h −0.056%

Price spread now: Bitget against Injective−0.638%111s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bitget is 0.638% cheaper against Injective than usual: you would sell low and buy high (−$64 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 111 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	0.000004922	0.0555	pay 0.0069% / 1h	57m 38s	$4K	$92K	12x
Short	Bitget PEPEUSDT	0.000004891	0.0182	get 0.0182% / 8h	2h 57m	$45.9M	$141.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.638%Rate

Funding earned: −$78.36
Price spread: −0.638% → 0.000%: −$63.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$154.18
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	2.05 bp	9.2 bp −$9	11.9 bp −$119	25.5 bp −$2,546	doesn't fit

Injective: 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	0.000004885	−0.762%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004895	−0.542%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004888	−0.691%	$56.6M	$67.0M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004888	−0.691%	$58K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004886	−0.731%	$88.4M	$268.6M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004892	−0.610%	$42.7M	$488.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004885	−0.752%	$148.9M	$59.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004887	−0.705%	$24.9M	$49.6M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004894	−0.577%	$97K	$593K	15x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004925	+0.052%	$724K	$3.8M	—	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	0.000004915	−0.144%	$28K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004905	−0.341%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004898	−0.488%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004890	−0.652%	$563K	$3.8M	75x	as long as short
Bitget PEPEUSDTshort	+0.0182%	8h	0.000004891	−0.638%	$45.9M	$141.4M	75x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004889	−0.678%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004909	−0.264%	$4.0M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0310% / S −0.0261%	1h	0.000004000	−18.732%	$48K	—	100x	as long as short
Lighter 1000PEPE	+0.0320%	1h	0.000004890	−0.650%	$594K	$4.9M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0342%	8h	0.000004898	−0.486%	$31K	$10K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0356%	8h	0.000004887	−0.715%	$5K	$26	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0381%	1h	0.000004904	−0.366%	$101K	$754K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0441%	8h	0.000004891	−0.638%	$2.4M	$6.2M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004907	−0.305%	$631K	$25.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0504%	1h	0.000004894	−0.569%	$561	$2K	10x	as long as short
Injective PEPE/USDC PERPlong	+0.0555%	1h	0.000004922	long leg	$4K	$92K	12x
Kraken Futures PF_PEPEUSD	+0.0748%	1h	0.000004898	−0.486%	$3.9M	$12.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0763%	8h	0.000004885	−0.758%	—	$253.6M	—	as long as short
Nado kPEPE-PERP	+0.0783%	1h	0.000004892	−0.604%	$193K	$857K	10x	as long as short
MEXC PEPE_USDT	+0.0796%	8h	0.000004889	−0.679%	$125.3M	$278.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0796%	8h	0.000004892	−0.617%	$131.4M	$993.4M	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004887	−0.719%	$537K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004893	−0.589%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004892	−0.608%	$1.5M	$6.9M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0976%	1h	0.000004901	−0.427%	$79K	$91K	25x	as long as short