Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h −0.098%

Price spread now: Variational Omni against Injective+0.273%76s7-day average −0.647% · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.055%−$5 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.273%, 7d avg −0.647%

Together, before fees−0.244%+ Points / potential airdropVariational Omni: Active · farm board−$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.921% dearer against Injective than usual: you sell high and buy low, +$92 on $10k if it goes back to its 7-day average of −0.647%. The two prices were read 76 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	0.000005327	0.0092	pay 0.0011% / 1h	32m 07s	$3K	$111K	12x
Short	Variational Omni 1000PEPE	0.000005342	0.0100	get 0.0100% / 8h	3h 32m	$763K	$5.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.273%Rate

Funding earned: $1.78
Price spread: +0.273% → −0.647%: $92.08
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $93.84
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: live order book, 21 min ago; Variational Omni: RFQ quote, 2 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 live order book, 21 min ago	17.87 bp	70.3 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.74 bp	doesn't fit	18.0 bp −$180	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	0.000005284	−0.816%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005280	−0.879%	$15K	—	150x	as long as short
Injective PEPE/USDC PERPlong	+0.0092%	1h	0.000005327	long leg	$3K	$111K	12x
Pacifica kPEPE	+0.0100%	1h	0.000005291	−0.676%	$70K	$155K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005261	−1.241%	$106.8M	$377.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005278	−0.920%	$175.3M	$87.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005279	−0.909%	$26.7M	$68.0M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000005342	+0.273%	$763K	$5.1M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005324	−0.047%	$53K	$509K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005291	−0.674%	$2K	$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	0.000005288	−0.738%	$608K	$3.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005284	−0.808%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0285%	8h	0.000005274	−1.004%	$51.4M	$189.7M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0387%	8h	0.000005286	−0.768%	$35K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0430%	8h	0.000005264	−1.183%	$51.7M	$675.8M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0484%	1h	0.000005283	−0.826%	$2K	$10K	10x	as long as short
BloFin PEPE-USDT	+0.0562%	8h	0.000005291	−0.676%	$4.9M	$28.2M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0646%	8h	0.000005287	−0.747%	$2.6M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0697%	1h	0.000005285	−0.788%	$75K	$126K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005295	−0.601%	$667K	$36.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0758%	8h	0.000005288	−0.729%	$6K	—	20x	as long as short
BingX 1000PEPE-USDC	+0.0767%	8h	0.000005276	−0.950%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0796%	8h	0.000005278	−0.918%	$103.2M	$294.6M	300x	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000005269	−1.085%	$153.7M	$1.32B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005281	−0.855%	$559K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005282	−0.845%	$149K	—	3x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0832%	1h	0.000005348	+0.394%	$164K	$799K	25x	as long as short
Nado kPEPE-PERP	+0.0867%	1h	0.000005283	−0.829%	$190K	$916K	10x	as long as short
Aster 1000PEPEUSDT	+0.0916%	8h	0.000005268	−1.112%	$1.9M	$10.2M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0936% / S −0.1857%	1h	0.000005000	−6.139%	$65K	—	100x	as long as short
01 Exchange kPEPEUSD	+0.1040%	1h	0.000005283	−0.826%	$637	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1228%	1h	0.000005279	−0.903%	$69K	$723K	15x	as long as short
Lighter 1000PEPE	+0.1264%	1h	0.000005286	−0.770%	$695K	$8.7M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1548%	1h	0.000005276	−0.958%	$4.9M	$16.4M	50x	as long as short
Hyperliquid kPEPE	+0.1637%	1h	0.000005281	−0.864%	$57.8M	$145.1M	10x	as long as short