Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h −0.071%

Price spread now: OKX against Lighter+0.143%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days+0.026%+$3 · spread now +0.143%, 7d avg −0.027%

Together, before fees−0.109%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.170% dearer against Lighter than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004900	0.0192	pay 0.0024% / 1h	38m 26s	$573K	$6.7M	10x
Short	OKX PEPE-USDT-SWAP	0.000004907	0.0187	get 0.0187% / 8h	7h 38m	$43.1M	$518.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.143%Rate

Funding earned: −$1.1
Price spread: +0.143% → −0.027%: $16.95
Slippage, 4 orders: −$20.61
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$14.76
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; OKX: live order book, 6 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	5.11 bp	8.4 bp −$8	15.4 bp −$154	33.8 bp −$3,382	doesn't fit
Sell OKX live order book, 6 min ago	1.02 bp	8.0 bp −$8	11.0 bp −$110	34.8 bp −$3,483	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	−0.0120%	1h	0.000004889	−0.222%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004897	−0.057%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004902	+0.033%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004910	+0.204%	$59.2M	$112.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004901	+0.020%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004903	+0.061%	$90.0M	$300.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004902	+0.041%	$156.2M	$65.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004905	+0.100%	$24.9M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004904	+0.080%	$43.0M	$151.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004891	−0.189%	$572K	$4.3M	—	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	0.000004898	−0.048%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004897	−0.059%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004889	−0.224%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004905	+0.096%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004882	−0.365%	$2.3M	$6.6M	50x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0187%	8h	0.000004907	+0.143%	$43.1M	$518.8M	50x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004902	+0.050%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0192%	8h	0.000004906	+0.119%	$5K	$16	20x	as long as short
Lighter 1000PEPElong	+0.0192%	1h	0.000004900	long leg	$573K	$6.7M	10x
Orderly PERP_1000PEPE_USDC	+0.0301%	8h	0.000004903	+0.061%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0309%	8h	0.000004889	−0.224%	$4.0M	$23.1M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004889	−0.224%	$544K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0424%	1h	0.000004902	+0.032%	$187K	$850K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0437%	1h	0.000004900	0.000%	$101K	$754K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004900	0.000%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0457% / S −0.0681%	1h	0.000004000	−18.367%	$46K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0496%	8h	0.000004904	+0.078%	—	$256.9M	—	as long as short
Binance 1000PEPEUSDT	+0.0509%	8h	0.000004903	+0.054%	$137.4M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004905	+0.110%	$538K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004908	+0.163%	$139K	—	3x	as long as short
MEXC PEPE_USDT	+0.0514%	8h	0.000004903	+0.051%	$96.8M	$282.2M	300x	as long as short
Aster 1000PEPEUSDT	+0.0531%	8h	0.000004909	+0.190%	$1.5M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0569%	1h	0.000004890	−0.204%	$73K	$103K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0572%	1h	0.000004894	−0.129%	$93K	$600K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004908	+0.163%	$4K	$102K	12x	as long as short