Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.015%

Price spread now: Aster against Lighter−0.053%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days+0.261%+$26 · spread now −0.053%, 7d avg +0.038%

Together, before fees+0.281%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.090% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000005230	0.0872	pay 0.0109% / 1h	28m 47s	$602K	$8.3M	10x
Short	Aster 1000PEPEUSDT	0.000005227	0.0849	get 0.0849% / 8h	4h 28m	$1.9M	$9.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$4.77
Price spread: −0.053% → +0.038%: −$9.05
Slippage, 4 orders: −$23.48
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$45.29
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Aster: live order book, 5 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 Lighter live order book, 5 min ago	5.81 bp	6.3 bp −$6	23.4 bp −$234	50.1 bp −$5,012	doesn't fit
Sell Aster live order book, 5 min ago	1.75 bp	5.9 bp −$6	8.8 bp −$88	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	0.000005239	+0.163%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005219	−0.216%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005239	+0.172%	$67K	$144K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005240	+0.193%	$102.4M	$354.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005217	−0.249%	$175.2M	$77.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005224	−0.119%	$26.3M	$64.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005188	−0.811%	$760K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005196	−0.647%	$37K	$459K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005245	+0.289%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005219	−0.207%	$593K	$3.7M	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	0.000005230	+0.001%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0195%	8h	0.000005223	−0.143%	$48.2M	$177.8M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−1.090%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0344%	8h	0.000005236	+0.117%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005235	+0.096%	$48.9M	$630.7M	50x	as long as short
BloFin PEPE-USDT	+0.0499%	8h	0.000005230	0.000%	$4.3M	$26.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0545%	8h	0.000005223	−0.136%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005241	+0.210%	$1.0M	$33.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0684%	8h	0.000005218	−0.231%	—	$262.6M	—	as long as short
Aevo 1000PEPE-PERP	+0.0728%	1h	0.000005253	+0.440%	$149K	—	3x	as long as short
MEXC PEPE_USDT	+0.0733%	8h	0.000005239	+0.164%	$99.6M	$290.1M	300x	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000005235	+0.097%	$555K	$226K	25x	as long as short
Binance 1000PEPEUSDT	+0.0738%	8h	0.000005240	+0.194%	$150.8M	$1.25B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0766% / S −0.1537%	1h	0.000005000	−4.398%	$64K	—	100x	as long as short
Nado kPEPE-PERP	+0.0798%	1h	0.000005225	−0.093%	$194K	$896K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0819%	8h	0.000005239	+0.181%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0844%	1h	0.000005137	−1.778%	$102K	$743K	25x	as long as short
Aster 1000PEPEUSDTshort	+0.0849%	8h	0.000005227	−0.053%	$1.9M	$9.5M	50x
Lighter 1000PEPElong	+0.0872%	1h	0.000005230	long leg	$602K	$8.3M	10x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0898%	1h	0.000005231	+0.019%	$74K	$125K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0900%	1h	0.000005237	+0.134%	$2K	$12K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1154%	1h	0.000005228	−0.042%	$99K	$666K	15x	as long as short
01 Exchange kPEPEUSD	+0.1168%	1h	0.000005236	+0.115%	$632	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1244%	1h	0.000005238	+0.147%	$4.7M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1589%	1h	0.000005230	0.000%	$56.3M	$141.6M	10x	as long as short