Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0536%/8h= −58.6% APRpaid last 24h −0.091%

Price spread now: HTX against Injective+0.186%7-day average −0.548% · you sell dearer than you buy

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$1241.243% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.186%, 7d avg −0.548%

Together, before fees−0.315%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.734% dearer against Injective than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of −0.548%): +$73 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.332% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.332% in total (about -17.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PEPE/USDC PERP	0.000004793	0.0636	pay 0.0079% / 1h	56m 41s	$4K	$102K	12x
Short	HTX PEPE-USDT	0.000004802	0.0100	get 0.0100% / 8h	7h 56m	$542K	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$112.46
Price spread: +0.186% → −0.548%: $73.38
Slippage, 4 orders: −$112.28
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$163.38
Costs to cover: 1.243%
Break-even: never at this rate

Slippage from Injective: live order book, 17 min ago; HTX: 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, 17 min ago	18.02 bp	66.5 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	5.85 bp	26.2 bp −$26	38.0 bp −$380	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
Phemex u1000PEPEUSDT	−0.1073%	8h	0.000004798	+0.115%	$2.3M	$6.5M	50x	as long as short
Kraken Futures PF_PEPEUSD	−0.0122%	1h	0.000004797	+0.088%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004796	+0.066%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004797	+0.077%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004788	−0.104%	$68.5M	$101.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004799	+0.125%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004797	+0.090%	$87.7M	$296.9M	50x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004798	+0.115%	$24.1M	$55.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004793	+0.004%	$42.4M	$151.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004764	−0.608%	$552K	$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	0.000004767	−0.533%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004767	−0.542%	$100K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004805	+0.261%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDTshort	+0.0100%	8h	0.000004802	+0.186%	$542K	$3.5M	75x
Lighter 1000PEPE	+0.0120%	1h	0.000004799	+0.125%	$577K	$6.6M	10x	as long as short
SoDEX 1000PEPE-USD	+0.0158%	1h	0.000004799	+0.125%	$2K	$12K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0174%	8h	0.000004797	+0.092%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004801	+0.166%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0193%	8h	0.000004801	+0.167%	$42.8M	$505.9M	50x	as long as short
BloFin PEPE-USDT	+0.0310%	8h	0.000004792	−0.021%	$3.9M	$22.7M	75x	as long as short
01 Exchange kPEPEUSD	+0.0328%	1h	0.000004798	+0.104%	$550	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0336%	8h	0.000004799	+0.121%	$30K	$13K	20x	as long as short
Nado kPEPE-PERP	+0.0338%	1h	0.000004801	+0.176%	$181K	$849K	10x	as long as short
Gate PEPE_USDT	+0.0348%	8h	0.000004793	0.000%	$152.3M	$64.5M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004804	+0.230%	$557K	$25.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0403% / S −0.0444%	1h	0.000004000	−16.545%	$43K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0537%	8h	0.000004794	+0.021%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0544%	1h	0.000004796	+0.055%	$526K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0544%	8h	0.000004801	+0.161%	$91.4M	$279.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0546%	8h	0.000004801	+0.160%	$135.2M	$1.08B	75x	as long as short
Aster 1000PEPEUSDT	+0.0548%	8h	0.000004799	+0.134%	$1.5M	$7.3M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0552%	1h	0.000004796	+0.063%	$136K	—	3x	as long as short
Injective PEPE/USDC PERPlong	+0.0636%	1h	0.000004793	long leg	$4K	$102K	12x
Backpack kPEPE_USDC_PERP	+0.0659%	1h	0.000004795	+0.035%	$93K	$603K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1001%	1h	0.000004801	+0.167%	$77K	$98K	25x	as long as short