Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0922%/8h= −101.0% APRpaid last 24h −0.051%

Price spread now: Binance against Lighter+0.228%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

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

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.228%, 7d avg +0.019%

Together, before fees−0.142%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.210% dearer against Lighter than usual: you sell high and buy low (spread +0.228% now, against its 7-day average of +0.019%): +$21 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.103% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.103% in total (about -5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000005060	0.1440	pay 0.0180% / 1h	28m 21s	$1.1M	$7.4M	10x
Short	Binance 1000PEPEUSDT	0.000005072	0.0518	get 0.0518% / 8h	6h 28m	$143.0M	$1.16B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.228%Rate

Funding earned: −$193.68
Price spread: +0.228% → +0.019%: $20.99
Slippage, 4 orders: −$21.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$204.18
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Binance: live order book, 16 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	6.93 bp	6.9 bp −$7	13.4 bp −$134	44.7 bp −$4,465	doesn't fit
Sell Binance live order book, 16 min ago	0.10 bp	6.1 bp −$6	14.3 bp −$143	41.7 bp −$4,172	doesn't fit

PEPE on 34 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	0.000005042	−0.362%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000005061	+0.018%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005050	−0.198%	$61K	$125K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005066	+0.121%	$98.6M	$321.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005060	0.000%	$161.6M	$70.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005068	+0.154%	$25.0M	$60.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005073	+0.247%	$46.6M	$159.9M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005030	−0.598%	$565K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005036	−0.469%	$27K	$409K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005070	+0.192%	$2K	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005063	+0.065%	$571K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005069	+0.169%	$8K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0209%	8h	0.000005050	−0.206%	$2.4M	$6.8M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0227%	8h	0.000005070	+0.198%	$44.9M	$566.8M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0277%	8h	0.000005075	+0.289%	$33K	$23K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0340%	1h	0.000005036	−0.474%	$106K	$746K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000005058	−0.040%	$647K	$29.2M	50x	as long as short
BingX 1000PEPE-USDT	+0.0482%	8h	0.000005070	+0.194%	—	$258.7M	—	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0507% / S −0.0412%	1h	0.000005000	−1.186%	$63K	—	100x	as long as short
MEXC PEPE_USDT	+0.0511%	8h	0.000005070	+0.208%	$95.9M	$289.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000005070	+0.198%	$143K	—	3x	as long as short
Binance 1000PEPEUSDTshort	+0.0518%	8h	0.000005072	+0.228%	$143.0M	$1.16B	75x
Extended 1000PEPE-USD	+0.0520%	1h	0.000005069	+0.174%	$557K	$199K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0539%	8h	0.000005050	−0.208%	$6K	$16	20x	as long as short
Aster 1000PEPEUSDT	+0.0609%	8h	0.000005054	−0.128%	$1.7M	$8.1M	50x	as long as short
Nado kPEPE-PERP	+0.0614%	1h	0.000005065	+0.091%	$178K	$878K	10x	as long as short
SoDEX 1000PEPE-USD	+0.0615%	1h	0.000005067	+0.138%	$2K	$12K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0737%	1h	0.000005073	+0.257%	$62K	$114K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0822%	1h	0.000005066	+0.121%	$4.0M	$14.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000005061	+0.020%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0918%	1h	0.000005049	−0.221%	$102K	$616K	15x	as long as short
01 Exchange kPEPEUSD	+0.0984%	1h	0.000005064	+0.079%	$1K	$2K	10x	as long as short
Lighter 1000PEPElong	+0.1440%	1h	0.000005060	long leg	$1.1M	$7.4M	10x
Hyperliquid kPEPE	+0.2244%	1h	0.000005076	+0.316%	$55.9M	$135.6M	10x	as long as short