Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0854%/8h= +93.5% APRpaid last 24h +0.100%

Price spread now: Hyperliquid against MEXC+0.223%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs$0as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.441%+$44 on $10k

Price spread, last 7 days−0.182%−$18 · spread now +0.223%, 7d avg +0.058%

Together, before fees+0.258%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Hyperliquid is 0.165% dearer against MEXC than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.441% in total (about 23.0% 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	MEXC PEPE_USDT	0.000005212	0.0728	pay 0.0728% / 8h	4h 29m	$99.1M	$289.8M	300x
Short	Hyperliquid kPEPE	0.000005224	0.1582	get 0.0198% / 1h	29m 48s	$56.1M	$141.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.223%Rate

Funding earned: $179.28
Price spread: +0.223% → +0.058%: $16.5
Slippage, 4 orders: −$7.26
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $179.53
Costs to cover: 0.163%
Break-even: from the start

Slippage from MEXC: live order book, 4 min ago; Hyperliquid: live order book, 4 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 MEXC live order book, 4 min ago	0.10 bp	1.3 bp −$1	7.2 bp −$72	42.6 bp −$4,255	78.5 bp −$39.2K
Sell Hyperliquid live order book, 4 min ago	0.97 bp	8.9 bp −$9	14.8 bp −$148	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	0.000005193	−0.382%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005180	−0.612%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005202	−0.200%	$66K	$141K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005217	+0.096%	$101.9M	$352.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005216	+0.069%	$171.8M	$77.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005217	+0.092%	$26.3M	$64.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005188	−0.476%	$760K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005141	−1.379%	$37K	$458K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005202	−0.190%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005189	−0.445%	$590K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005183	−0.560%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0194%	8h	0.000005221	+0.159%	$47.5M	$177.0M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−0.756%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0344%	8h	0.000005190	−0.435%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005220	+0.146%	$48.3M	$627.0M	50x	as long as short
BloFin PEPE-USDT	+0.0497%	8h	0.000005200	−0.238%	$4.3M	$26.4M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0521%	1h	0.000005190	−0.430%	$74K	$125K	25x	as long as short
Phemex u1000PEPEUSDT	+0.0561%	8h	0.000005191	−0.407%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005191	−0.411%	$988K	$33.1M	50x	as long as short
BingX 1000PEPE-USDT	+0.0684%	8h	0.000005224	+0.226%	—	$262.5M	—	as long as short
Aevo 1000PEPE-PERP	+0.0720%	1h	0.000005213	+0.012%	$147K	—	3x	as long as short
Extended 1000PEPE-USD	+0.0728%	1h	0.000005216	+0.074%	$552K	$226K	25x	as long as short
MEXC PEPE_USDTlong	+0.0728%	8h	0.000005212	long leg	$99.1M	$289.8M	300x
Binance 1000PEPEUSDT	+0.0728%	8h	0.000005222	+0.186%	$149.4M	$1.24B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0758% / S −0.1497%	1h	0.000005000	−4.075%	$63K	—	100x	as long as short
Nado kPEPE-PERP	+0.0814%	1h	0.000005186	−0.513%	$192K	$895K	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0824%	8h	0.000005199	−0.259%	$6K	—	20x	as long as short
Aster 1000PEPEUSDT	+0.0838%	8h	0.000005214	+0.033%	$1.9M	$9.5M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0844%	1h	0.000005137	−1.447%	$102K	$743K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0879%	1h	0.000005196	−0.315%	$2K	$12K	10x	as long as short
Lighter 1000PEPE	+0.0912%	1h	0.000005222	+0.184%	$601K	$8.3M	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1133%	1h	0.000005211	−0.027%	$97K	$662K	15x	as long as short
01 Exchange kPEPEUSD	+0.1160%	1h	0.000005196	−0.315%	$627	$3K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1253%	1h	0.000005197	−0.293%	$4.6M	$15.8M	50x	as long as short
Hyperliquid kPEPEshort	+0.1582%	1h	0.000005224	+0.223%	$56.1M	$141.4M	10x