Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1300%/8h= −142.4% APRpaid last 24h −0.100%

Price spread now: edgeX against Lighter−0.253%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$300.295% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.432%+$43 · spread now −0.253%, 7d avg −0.056%

Together, before fees+0.330%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and edgeX is 0.197% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

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	0.000005053	0.1400	pay 0.0175% / 1h	35m 21s	$709K	$8.0M	10x
Short	edgeX 1000PEPEUSDC	0.000005040	0.0100	get 0.0050% / 4h	1h 35m	$36K	$434K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$273
Price spread: −0.253% → −0.056%: −$19.71
Slippage, 4 orders: −$20.54
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$322.25
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Lighter: live order book, 13 min ago; edgeX: live order book, 28 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, 13 min ago	5.97 bp	11.9 bp −$12	24.9 bp −$249	58.9 bp −$5,891	doesn't fit
Sell edgeX live order book, 28 min ago	0.88 bp	5.5 bp −$5	108.0 bp −$1,080	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	0.000005050	−0.050%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005059	+0.111%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005053	0.000%	$64K	$136K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005063	+0.200%	$99.2M	$334.6M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005065	+0.237%	$166.1M	$74.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005065	+0.245%	$25.5M	$62.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005068	+0.289%	$46.5M	$171.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005042	−0.227%	$681K	$4.7M	—	as long as short
edgeX 1000PEPEUSDCshort	+0.0100%	4h	0.000005040	−0.253%	$36K	$434K	20x
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005071	+0.350%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005028	−0.503%	$574K	$3.6M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005067	+0.287%	$8K	—	15x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0316%	8h	0.000005068	+0.291%	$33K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0317%	8h	0.000005066	+0.257%	$46.2M	$586.3M	50x	as long as short
BloFin PEPE-USDT	+0.0429%	8h	0.000005028	−0.495%	$4.3M	$25.1M	75x	as long as short
BingX 1000PEPE-USDC	+0.0575%	8h	0.000005056	+0.063%	—	$2.3M	—	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0576%	1h	0.000005018	−0.693%	$838K	$30.9M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0582% / S −0.0900%	1h	0.000005000	−1.049%	$50K	—	100x	as long as short
SoDEX 1000PEPE-USD	+0.0588%	1h	0.000005050	−0.059%	$2K	$12K	10x	as long as short
MEXC PEPE_USDT	+0.0607%	8h	0.000005062	+0.180%	$96.0M	$288.5M	300x	as long as short
Extended 1000PEPE-USD	+0.0608%	1h	0.000005062	+0.177%	$535K	$221K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0608%	1h	0.000005068	+0.297%	$143K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0612%	8h	0.000005069	+0.317%	$142.2M	$1.20B	75x	as long as short
Phemex u1000PEPEUSDT	+0.0635%	8h	0.000005052	−0.024%	$2.4M	$7.0M	50x	as long as short
Aster 1000PEPEUSDT	+0.0705%	8h	0.000005060	+0.146%	$1.8M	$9.0M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0738%	1h	0.000005064	+0.218%	$61K	$114K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0773%	8h	0.000005060	+0.138%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0862%	1h	0.000005040	−0.257%	$99K	$753K	25x	as long as short
Nado kPEPE-PERP	+0.0869%	1h	0.000005067	+0.276%	$184K	$866K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0925%	1h	0.000005054	+0.014%	$98K	$618K	15x	as long as short
Injective PEPE/USDC PERP	+0.0973%	1h	0.000005105	+1.029%	$4K	$102K	12x	as long as short
01 Exchange kPEPEUSD	+0.0984%	1h	0.000005074	+0.416%	$612	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1379%	1h	0.000005047	−0.125%	$4.2M	$15.1M	50x	as long as short
Lighter 1000PEPElong	+0.1400%	1h	0.000005053	long leg	$709K	$8.0M	10x
Hyperliquid kPEPE	+0.1803%	1h	0.000005073	+0.396%	$55.8M	$137.5M	10x	as long as short