Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0511%/8h= +56.0% APRpaid last 24h −0.093%

Price spread now: Phemex against Injective+0.150%55s7-day average −0.508% · you sell dearer than you buy

Net, funding: paid 7d − costs−$169as 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−$1261.262% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.426%−$43 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now +0.150%, 7d avg −0.508%

Together, before fees−0.393%−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Phemex is 0.659% dearer against Injective than usual: you sell high and buy low: +$66 more if the spread goes back to its 7-day average of −0.508%. Mind the row above: over the last 7 days funding on this pair cost −0.426%, so the current rate has only just turned in your favour. The two prices were read 55 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	0.000005255	0.0092	pay 0.0011% / 1h	57m 20s	$3K	$110K	12x
Short	Phemex u1000PEPEUSDT	0.000005263	0.0603	get 0.0603% / 8h	3h 57m	$2.6M	$7.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.150%Rate

Funding earned: $107.4
Price spread: +0.150% → −0.508%: $65.88
Slippage, 4 orders: −$114.16
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $47.11
Costs to cover: 1.262%
Break-even: 3.9 days

Slippage from Injective: live order book, 61 min ago; Phemex: 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, 61 min ago	34.65 bp	52.4 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.80 bp	21.0 bp −$21	34.8 bp −$348	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
dYdX PEPE-USD	0.0000%	1h	0.000005257	+0.031%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005241	−0.276%	$15K	—	150x	as long as short
Injective PEPE/USDC PERPlong	+0.0092%	1h	0.000005255	long leg	$3K	$110K	12x
Pacifica kPEPE	+0.0100%	1h	0.000005266	+0.209%	$69K	$152K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005244	−0.207%	$102.5M	$365.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005246	−0.171%	$171.4M	$84.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005255	−0.002%	$27.3M	$66.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005245	−0.198%	$840K	$4.9M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005263	+0.143%	$38K	$490K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005280	+0.478%	$1K	$2.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005260	+0.089%	$611K	$3.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005246	−0.177%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0240%	8h	0.000005261	+0.122%	$48.5M	$183.2M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0370%	8h	0.000005251	−0.082%	$35K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0405%	8h	0.000005249	−0.114%	$50.7M	$655.4M	50x	as long as short
BloFin PEPE-USDT	+0.0523%	8h	0.000005247	−0.152%	$4.5M	$27.5M	75x	as long as short
Phemex u1000PEPEUSDTshort	+0.0603%	8h	0.000005263	+0.150%	$2.6M	$7.4M	50x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0703%	1h	0.000005251	−0.076%	$74K	$126K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005282	+0.514%	$775K	$35.7M	50x	as long as short
BingX 1000PEPE-USDT	+0.0742%	8h	0.000005252	−0.067%	—	$263.4M	—	as long as short
Extended 1000PEPE-USD	+0.0784%	1h	0.000005260	+0.094%	$557K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0784%	1h	0.000005268	+0.247%	$149K	—	3x	as long as short
MEXC PEPE_USDT	+0.0785%	8h	0.000005248	−0.127%	$101.7M	$290.8M	300x	as long as short
Binance 1000PEPEUSDT	+0.0788%	8h	0.000005252	−0.067%	$152.7M	$1.29B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0802%	8h	0.000005261	+0.117%	$6K	—	20x	as long as short
Lighter 1000PEPE	+0.0824%	1h	0.000005277	+0.419%	$637K	$8.4M	10x	as long as short
SoDEX 1000PEPE-USD	+0.0832%	1h	0.000005271	+0.304%	$2K	$10K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0859% / S −0.1692%	1h	0.000005000	−4.853%	$64K	—	100x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0888%	1h	0.000005253	−0.038%	$173K	$797K	25x	as long as short
Aster 1000PEPEUSDT	+0.0900%	8h	0.000005259	+0.083%	$1.9M	$9.8M	50x	as long as short
Nado kPEPE-PERP	+0.0983%	1h	0.000005252	−0.057%	$184K	$910K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1343%	1h	0.000005275	+0.377%	$84K	$715K	15x	as long as short
01 Exchange kPEPEUSD	+0.1344%	1h	0.000005270	+0.285%	$636	$3K	10x	as long as short
Hyperliquid kPEPE	+0.1509%	1h	0.000005257	+0.038%	$57.1M	$143.5M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1548%	1h	0.000005275	+0.386%	$4.8M	$16.2M	50x	as long as short