Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0455%/8h= −49.8% APRpaid last 24h −0.074%

Price spread now: Gate against Injective−0.102%99s7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.396%−$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 −$14 a day on $10k at the current rate, and Gate is 0.102% cheaper against Injective than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 99 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	0.000004898	0.0555	pay 0.0069% / 1h	55m 38s	$4K	$92K	12x
Short	Gate PEPE_USDT	0.000004893	0.0100	get 0.0100% / 8h	2h 55m	$149.2M	$59.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.102%Rate

Funding earned: −$95.58
Price spread: −0.102% → 0.000%: −$10.21
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$120.81
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 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 Injective no order-book sample	—	—	—	—	—
Sell Gate live order book, 3 min ago	2.04 bp	9.5 bp −$10	14.4 bp −$144	54.1 bp −$5,406	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	0.000004892	−0.123%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004888	−0.194%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004896	−0.041%	$56.8M	$67.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004897	−0.020%	$58K	$108K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004896	−0.045%	$88.6M	$265.7M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0100%	8h	0.000004898	0.000%	$42.9M	$485.2M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000004893	−0.102%	$149.2M	$59.6M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004897	−0.018%	$24.8M	$49.6M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0100%	1h	0.000004896	−0.035%	$97K	$591K	15x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004889	−0.174%	$719K	$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	0.000004893	−0.112%	$28K	$335K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004897	−0.024%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004896	−0.035%	$563K	$3.5M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0141%	1h	0.000004896	−0.041%	$2K	$9K	10x	as long as short
Bitget PEPEUSDT	+0.0183%	8h	0.000004902	+0.071%	$45.9M	$136.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004893	−0.112%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0220%	8h	0.000004892	−0.122%	$4.0M	$21.6M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0312% / S −0.0262%	1h	0.000004000	−18.334%	$48K	—	100x	as long as short
Lighter 1000PEPE	+0.0320%	1h	0.000004900	+0.041%	$588K	$4.9M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0345%	8h	0.000004896	−0.041%	$31K	$10K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0352%	8h	0.000004899	+0.017%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0437%	8h	0.000004893	−0.104%	$2.4M	$6.2M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004887	−0.225%	$628K	$25.0M	50x	as long as short
01 Exchange kPEPEUSD	+0.0512%	1h	0.000004901	+0.061%	$561	$2K	10x	as long as short
Injective PEPE/USDC PERPlong	+0.0555%	1h	0.000004898	long leg	$4K	$92K	12x
Nado kPEPE-PERP	+0.0639%	1h	0.000004898	+0.006%	$193K	$845K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0699%	1h	0.000004891	−0.143%	$101K	$755K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0748%	1h	0.000004896	−0.043%	$3.9M	$12.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0763%	8h	0.000004900	+0.031%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004901	+0.064%	$537K	$146K	25x	as long as short
MEXC PEPE_USDT	+0.0792%	8h	0.000004900	+0.045%	$125.5M	$279.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0793%	8h	0.000004898	0.000%	$131.6M	$987.1M	75x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004883	−0.306%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0858%	8h	0.000004895	−0.065%	$1.5M	$6.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0977%	1h	0.000004895	−0.061%	$79K	$91K	25x	as long as short