Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0731%/8h= +80.0% APRpaid last 24h −0.079%

Price spread now: BingX against Lighter−0.006%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.006%, 7d avg −0.060%

Together, before fees+0.018%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and BingX is 0.054% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.060%. Mind the row above: over the last 7 days funding on this pair cost −0.086%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% 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	0.000004857	0.0096	pay 0.0012% / 1h	36m 47s	$610K	$5.4M	10x
Short	BingX 1000PEPE-USDC	0.000004857	0.0827	get 0.0827% / 8h	1h 36m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $153.51
Price spread: −0.006% → −0.060%: $5.41
Slippage, 4 orders: −$34.08
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $114.85
Costs to cover: 0.441%
Break-even: 1.8 days

Slippage from Lighter: live order book, 6 min ago; BingX: live order book, 12 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, 6 min ago	6.20 bp	8.1 bp −$8	18.4 bp −$184	56.9 bp −$5,687	doesn't fit
Sell BingX live order book, 12 min ago	0.62 bp	14.4 bp −$14	19.7 bp −$197	93.5 bp −$9,347	286.8 bp −$143.4K

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	0.000004851	−0.128%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004850	−0.140%	$14K	—	150x	as long as short
Lighter 1000PEPElong	+0.0096%	1h	0.000004857	long leg	$610K	$5.4M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004851	−0.124%	$61.9M	$78.0M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004855	−0.041%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004853	−0.080%	$87.8M	$279.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004852	−0.103%	$151.9M	$62.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004855	−0.043%	$25.1M	$53.8M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004864	+0.143%	$583K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004870	+0.271%	$28K	$343K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004862	+0.101%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004856	−0.021%	$2K	$9K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004858	+0.012%	$549K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0158%	8h	0.000004855	−0.037%	$42.7M	$151.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004856	−0.020%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004856	−0.021%	$41.9M	$494.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0214% / S −0.0093%	1h	0.000004000	−17.645%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004858	+0.021%	$3.9M	$22.3M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0391%	8h	0.000004856	−0.015%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0413%	8h	0.000004854	−0.070%	$2.3M	$6.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0443%	8h	0.000004857	−0.004%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004859	+0.041%	$617K	$25.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.0488%	1h	0.000004862	+0.103%	$557	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0574%	1h	0.000004856	−0.021%	$82K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0619%	1h	0.000004855	−0.031%	$91K	$614K	15x	as long as short
Nado kPEPE-PERP	+0.0738%	1h	0.000004859	+0.036%	$187K	$854K	10x	as long as short
BingX 1000PEPE-USDCshort	+0.0827%	8h	0.000004857	−0.006%	—	$2.3M	—
Binance 1000PEPEUSDT	+0.0837%	8h	0.000004855	−0.036%	$130.8M	$1.03B	75x	as long as short
Extended 1000PEPE-USD	+0.0840%	1h	0.000004855	−0.037%	$535K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0840%	1h	0.000004862	+0.103%	$137K	—	3x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0841%	1h	0.000004868	+0.226%	$104K	$764K	25x	as long as short
MEXC PEPE_USDT	+0.0841%	8h	0.000004859	+0.031%	$92.4M	$283.5M	300x	as long as short
Aster 1000PEPEUSDT	+0.0873%	8h	0.000004856	−0.024%	$1.5M	$7.0M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004874	+0.350%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1314%	1h	0.000004855	−0.041%	$4.0M	$13.3M	50x	as long as short