Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.189%

Price spread now: Orderly against Kraken Futures+0.103%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures 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

The price spread pays, funding is against you. Orderly is 0.103% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.103% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PEPEUSD	0.000005099	0.0837	pay 0.0105% / 1h	14m 21s	$4.6M	$16.7M	50x
Short	Orderly PERP_1000PEPE_USDC	0.000005104	0.0391	get 0.0391% / 8h	2h 14m	$34K	$26K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now +0.103%Rate

Funding earned: −$93.67
Price spread: +0.103% → 0.000%: $10.26
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$99.41
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 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 Kraken Futures live order book, 5 min ago	6.38 bp	17.3 bp −$17	22.5 bp −$225	65.2 bp −$6,516	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	0.000005083	−0.314%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0007%	1h	0.000005094	−0.094%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005087	−0.239%	$58K	$178K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005098	−0.021%	$100.2M	$407.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005091	−0.160%	$162.9M	$94.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005091	−0.166%	$25.2M	$71.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005080	−0.383%	$607K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005083	−0.311%	$28K	$540K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005110	+0.205%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005090	−0.186%	$573K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005097	−0.046%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0218%	1h	0.000005102	+0.055%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0331%	8h	0.000005105	+0.116%	$45.5M	$211.4M	75x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0391%	8h	0.000005104	+0.103%	$34K	$26K	20x
OKX PEPE-USDT-SWAP	+0.0424%	8h	0.000005104	+0.095%	$46.8M	$703.2M	50x	as long as short
BloFin PEPE-USDT	+0.0549%	8h	0.000005084	−0.297%	$4.4M	$28.6M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0571%	8h	0.000005089	−0.191%	$6K	—	20x	as long as short
Phemex u1000PEPEUSDT	+0.0627%	8h	0.000005086	−0.258%	$2.4M	$7.9M	50x	as long as short
Lighter 1000PEPE	+0.0640%	1h	0.000005092	−0.141%	$603K	$9.1M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0662%	1h	0.000005084	−0.297%	$70K	$840K	15x	as long as short
Nado kPEPE-PERP	+0.0668%	1h	0.000005098	−0.026%	$166K	$945K	10x	as long as short
01 Exchange kPEPEUSD	+0.0680%	1h	0.000005090	−0.180%	$614	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005089	−0.199%	$660K	$37.5M	50x	as long as short
BingX 1000PEPE-USDC	+0.0761%	8h	0.000005089	−0.197%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0798%	8h	0.000005096	−0.068%	$98.1M	$303.5M	300x	as long as short
Binance 1000PEPEUSDT	+0.0798%	8h	0.000005097	−0.038%	$142.6M	$1.42B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000005101	+0.033%	$539K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005088	−0.219%	$144K	—	3x	as long as short
Kraken Futures PF_PEPEUSDlong	+0.0837%	1h	0.000005099	long leg	$4.6M	$16.7M	50x
Aster 1000PEPEUSDT	+0.0838%	8h	0.000005095	−0.091%	$1.8M	$11.3M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0865%	1h	0.000005080	−0.376%	$156K	$815K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0927%	1h	0.000005103	+0.075%	$73K	$127K	25x	as long as short
Hyperliquid kPEPE	+0.1009%	1h	0.000005101	+0.036%	$54.1M	$153.1M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1130% / S −0.2171%	1h	0.000005000	−1.945%	$64K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005027	−1.415%	$3K	$111K	12x	as long as short