Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.097%

Price spread now: Gate against Lighter−0.063%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 7 days+0.271%+$27 · spread now −0.063%, 7d avg −0.025%

Together, before fees+0.107%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.038% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004732	0.0184	pay 0.0023% / 1h	6m 44s	$571K	$6.6M	10x
Short	Gate PEPE_USDT	0.000004729	0.0100	get 0.0100% / 8h	6m 44s	$149.8M	$65.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.063%Rate

Funding earned: −$17.64
Price spread: −0.063% → −0.025%: −$3.84
Slippage, 4 orders: −$25.74
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$62.22
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: live order book, 2 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	5.29 bp	6.4 bp −$6	17.6 bp −$176	49.5 bp −$4,949	doesn't fit
Sell Gate live order book, 2 min ago	2.12 bp	13.4 bp −$13	19.5 bp −$195	55.5 bp −$5,549	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
Hyperliquid kPEPE	−0.0335%	1h	0.000004722	−0.211%	$68.4M	$98.8M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004727	−0.098%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004721	−0.241%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004724	−0.160%	$3.8M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004727	−0.106%	$55K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004729	−0.070%	$86.9M	$294.8M	50x	as long as short
Gate PEPE_USDTshort	+0.0100%	8h	0.000004729	−0.063%	$149.8M	$65.1M	75x
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004729	−0.066%	$24.1M	$54.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004731	−0.013%	$41.8M	$151.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004715	−0.363%	$567K	$4.2M	—	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	0.000004722	−0.204%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004722	−0.211%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004733	+0.032%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004728	−0.085%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004714	−0.374%	$532K	$3.5M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004731	−0.024%	$5K	$16	20x	as long as short
Lighter 1000PEPElong	+0.0184%	1h	0.000004732	long leg	$571K	$6.6M	10x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004724	−0.159%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0192%	8h	0.000004729	−0.072%	$2.3M	$6.5M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0200%	8h	0.000004734	+0.042%	$41.9M	$495.9M	50x	as long as short
01 Exchange kPEPEUSD	+0.0312%	1h	0.000004714	−0.380%	$540	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004730	−0.042%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0349%	8h	0.000004725	−0.148%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0389% / S −0.0427%	1h	0.000004000	−15.469%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004711	−0.444%	$568K	$25.3M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004728	−0.085%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0526%	1h	0.000004731	−0.032%	$92K	$603K	15x	as long as short
Aster 1000PEPEUSDT	+0.0558%	8h	0.000004729	−0.066%	$1.5M	$7.3M	50x	as long as short
BingX 1000PEPE-USDC	+0.0559%	8h	0.000004722	−0.203%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0566%	8h	0.000004731	−0.030%	$132.3M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000004733	+0.022%	$518K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0568%	8h	0.000004733	+0.017%	$88.5M	$283.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0576%	1h	0.000004725	−0.148%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0614%	1h	0.000004721	−0.232%	$178K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0809%	1h	0.000004727	−0.106%	$76K	$98K	25x	as long as short