Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h −0.091%

Price spread now: Orderly against Injective+0.865%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.865% dearer against Injective than usual: you sell high and buy low, +$86 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PEPE/USDC PERP	0.000005203	0.0404	pay 0.0051% / 1h	42m 51s	$8K	$120K	12x
Short	Orderly PERP_1000PEPE_USDC	0.000005248	0.0408	get 0.0408% / 8h	42m 51s	$35K	$26K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.865%Rate

Funding earned: $0.87
Price spread: +0.865% → 0.000%: $86.49
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $81.34
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: live order book, 61 min ago; Orderly: no order-book sample. 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 live order book, 61 min ago	29.05 bp	48.1 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.000005244	+0.787%	$20K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005241	+0.727%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005223	+0.384%	$61K	$182K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005238	+0.682%	$101.9M	$425.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005231	+0.538%	$164.9M	$98.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005200	−0.048%	$651K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005205	+0.039%	$29K	$546K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005259	+1.071%	$2K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005255	+1.001%	$611K	$4.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0122%	8h	0.000005228	+0.486%	$27.0M	$73.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni 1000PEPEUSDT	+0.0151%	1h	0.000005222	+0.365%	$152K	$832K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005248	+0.873%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0276%	8h	0.000005239	+0.692%	$46.9M	$218.7M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0384%	8h	0.000005242	+0.750%	$48.2M	$755.3M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0404%	1h	0.000005246	+0.826%	$2K	$11K	10x	as long as short
Injective PEPE/USDC PERPlong	+0.0404%	1h	0.000005203	long leg	$8K	$120K	12x
Orderly PERP_1000PEPE_USDCshort	+0.0408%	8h	0.000005248	+0.865%	$35K	$26K	20x
BloFin PEPE-USDT	+0.0505%	8h	0.000005245	+0.807%	$4.5M	$30.6M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0507%	8h	0.000005269	+1.276%	$6K	—	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0513%	1h	0.000005249	+0.884%	$75K	$127K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0513%	8h	0.000005247	+0.840%	$2.4M	$8.1M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0544%	1h	0.000005250	+0.903%	$695K	$40.0M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0561%	1h	0.000005243	+0.761%	$76K	$870K	15x	as long as short
Nado kPEPE-PERP	+0.0617%	1h	0.000005246	+0.818%	$169K	$955K	10x	as long as short
Lighter 1000PEPE	+0.0648%	1h	0.000005248	+0.865%	$624K	$9.0M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0700%	1h	0.000005243	+0.763%	$4.8M	$16.7M	50x	as long as short
BingX 1000PEPE-USDC	+0.0710%	8h	0.000005236	+0.644%	—	$2.3M	—	as long as short
01 Exchange kPEPEUSD	+0.0728%	1h	0.000005249	+0.884%	$633	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0739%	8h	0.000005238	+0.663%	$1.8M	$11.7M	50x	as long as short
MEXC PEPE_USDT	+0.0749%	8h	0.000005236	+0.630%	$102.1M	$304.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0750%	8h	0.000005244	+0.782%	$143.8M	$1.49B	75x	as long as short
Extended 1000PEPE-USD	+0.0752%	1h	0.000005235	+0.617%	$550K	$284K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000005258	+1.057%	$149K	—	3x	as long as short
Hyperliquid kPEPE	+0.0979%	1h	0.000005243	+0.769%	$54.5M	$157.5M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1136% / S −0.2351%	1h	0.000005000	−3.902%	$65K	—	100x	as long as short