Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against KuCoin−0.094%7-day average +0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 7 days+0.159%+$16 · spread now −0.094%, 7d avg +0.101%

Together, before fees+0.575%+ Points / potential airdropHyperliquid: Season 2 · farm board+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.195% cheaper against KuCoin than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.101%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.416%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PEPEUSDTM	0.000004803	0.0100	pay 0.0100% / 8h	55m 36s	$24.7M	$54.2M	75x
Short	Hyperliquid kPEPE	0.000004798	−0.0134	pay 0.0017% / 1h	55m 36s	$65.5M	$86.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$49.06
Price spread: −0.094% → +0.101%: −$19.48
Slippage, 4 orders: −$24.54
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$114.08
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Hyperliquid: live order book, 8 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 KuCoin live order book, 3 min ago	1.35 bp	12.0 bp −$12	25.5 bp −$255	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.04 bp	9.1 bp −$9	15.1 bp −$151	24.0 bp −$2,400	29.6 bp −$14.8K

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
Hyperliquid kPEPEshort	−0.0134%	1h	0.000004798	−0.094%	$65.5M	$86.6M	10x
dYdX PEPE-USD	0.0000%	1h	0.000004800	−0.047%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004793	−0.204%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004801	−0.023%	$3.9M	$13.4M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004803	+0.010%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004804	+0.027%	$86.7M	$286.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004800	−0.052%	$150.8M	$63.7M	75x	as long as short
KuCoin PEPEUSDTMlong	+0.0100%	8h	0.000004803	long leg	$24.7M	$54.2M	75x
Bitget PEPEUSDT	+0.0100%	8h	0.000004806	+0.071%	$42.4M	$149.3M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004783	−0.409%	$548K	$4.0M	—	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	0.000004795	−0.160%	$28K	$344K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004804	+0.027%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004799	−0.073%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004796	−0.129%	$543K	$3.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004797	−0.124%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0221%	8h	0.000004808	+0.115%	$41.5M	$496.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0228%	8h	0.000004806	+0.073%	$5K	$16	20x	as long as short
01 Exchange kPEPEUSD	+0.0264%	1h	0.000004794	−0.177%	$549	$2K	10x	as long as short
Phemex u1000PEPEUSDT	+0.0282%	8h	0.000004799	−0.069%	$2.3M	$6.4M	50x	as long as short
BloFin PEPE-USDT	+0.0342%	8h	0.000004802	−0.010%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0346% / S −0.0380%	1h	0.000004000	−16.710%	$42K	—	100x	as long as short
Lighter 1000PEPE	+0.0368%	1h	0.000004806	+0.073%	$658K	$6.2M	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004803	+0.010%	$567K	$25.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0403%	1h	0.000004789	−0.281%	$101K	$760K	25x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004808	+0.115%	$4K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0442%	8h	0.000004799	−0.075%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0537%	1h	0.000004800	−0.056%	$91K	$617K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0584%	1h	0.000004798	−0.094%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0687%	8h	0.000004807	+0.094%	—	$256.5M	—	as long as short
Extended 1000PEPE-USD	+0.0712%	1h	0.000004809	+0.144%	$529K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0712%	8h	0.000004803	0.000%	$93.0M	$277.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0712%	8h	0.000004806	+0.067%	$131.5M	$1.05B	75x	as long as short
Aster 1000PEPEUSDT	+0.0716%	8h	0.000004807	+0.087%	$1.5M	$7.2M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0720%	1h	0.000004801	−0.031%	$136K	—	3x	as long as short
Nado kPEPE-PERP	+0.0915%	1h	0.000004796	−0.141%	$184K	$845K	10x	as long as short