Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.080%

Price spread now: HTX against Lighter−0.014%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.014%, 7d avg −0.020%

Together, before fees−0.013%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004930	0.0248	pay 0.0031% / 1h	36m 05s	$577K	$6.7M	10x
Short	HTX PEPE-USDT	0.000004929	0.0100	get 0.0100% / 8h	7h 36m	$557K	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$31.08
Price spread: −0.014% → −0.020%: $0.59
Slippage, 4 orders: −$36.18
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$78.66
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; HTX: live order book, 3 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, 7 min ago	5.11 bp	8.4 bp −$8	15.4 bp −$154	33.8 bp −$3,382	doesn't fit
Sell HTX live order book, 3 min ago	2.96 bp	15.5 bp −$15	21.9 bp −$219	176.8 bp −$17.7K	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
Kraken Futures PF_PEPEUSD	−0.0119%	1h	0.000004925	−0.093%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004922	−0.160%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004922	−0.160%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004929	−0.020%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004923	−0.134%	$90.2M	$301.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004924	−0.122%	$156.0M	$65.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004925	−0.099%	$25.2M	$55.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004926	−0.077%	$43.2M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004921	−0.188%	$575K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.613%	$26K	$352K	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	0.000004933	+0.051%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004926	−0.081%	$2K	$12K	10x	as long as short
HTX PEPE-USDTshort	+0.0100%	8h	0.000004929	−0.014%	$557K	$3.5M	75x
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004921	−0.181%	$2.4M	$6.6M	50x	as long as short
Hyperliquid kPEPE	+0.0177%	1h	0.000004932	+0.041%	$58.8M	$113.5M	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004926	−0.081%	$43.2M	$521.5M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004926	−0.086%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0196%	8h	0.000004929	−0.025%	$6K	$16	20x	as long as short
Lighter 1000PEPElong	+0.0248%	1h	0.000004930	long leg	$577K	$6.7M	10x
Orderly PERP_1000PEPE_USDC	+0.0300%	8h	0.000004926	−0.089%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0307%	8h	0.000004937	+0.142%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004928	−0.041%	$588K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0412%	1h	0.000004927	−0.056%	$192K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0439%	1h	0.000004899	−0.629%	$101K	$753K	25x	as long as short
01 Exchange kPEPEUSD	+0.0456%	1h	0.000004928	−0.041%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0462% / S −0.0689%	1h	0.000004000	−18.864%	$46K	—	100x	as long as short
Extended 1000PEPE-USD	+0.0504%	1h	0.000004925	−0.096%	$541K	$148K	25x	as long as short
BingX 1000PEPE-USDC	+0.0504%	8h	0.000004926	−0.085%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0507%	8h	0.000004925	−0.101%	$138.5M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0508%	8h	0.000004930	+0.002%	$97.9M	$282.5M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004927	−0.061%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0532%	8h	0.000004928	−0.037%	$1.5M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0563%	1h	0.000004927	−0.061%	$70K	$107K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0570%	1h	0.000004926	−0.083%	$92K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004915	−0.304%	$4K	$102K	12x	as long as short