Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0715%/8h= −78.3% APRpaid last 24h +0.094%

Price spread now: Lighter against MEXC+0.002%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

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

costs, in and out, $10k−$100.096% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.002%, 7d avg −0.025%

Together, before fees−0.019%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.027% dearer against MEXC than usual: you sell high and buy low (spread +0.002% now, against its 7-day average of −0.025%): +$3 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 7 days funding on this pair paid +0.139%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.2% 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	0.000004826	0.0811	pay 0.0811% / 8h	1h 28m	$91.3M	$284.3M	300x
Short	Lighter 1000PEPE	0.000004826	0.0096	get 0.0012% / 1h	28m 54s	$575K	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$150.15
Price spread: +0.002% → −0.025%: $2.74
Slippage, 4 orders: −$9.56
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$156.97
Costs to cover: 0.096%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Lighter: 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, 5 min ago	0.10 bp	0.8 bp −$1	4.6 bp −$46	46.3 bp −$4,628	80.4 bp −$40.2K
Sell Lighter live order book, 4 min ago	3.10 bp	4.3 bp −$4	19.4 bp −$194	55.7 bp −$5,573	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	0.000004813	−0.269%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004818	−0.162%	$14K	—	150x	as long as short
Lighter 1000PEPEshort	+0.0096%	1h	0.000004826	+0.002%	$575K	$5.6M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004819	−0.143%	$62.4M	$79.6M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004814	−0.247%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004819	−0.143%	$87.1M	$280.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004817	−0.184%	$149.9M	$62.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004832	+0.116%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004818	−0.166%	$574K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004832	+0.121%	$27K	$344K	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	0.000004829	+0.073%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004824	−0.039%	$3K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004820	−0.116%	$545K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0143%	8h	0.000004831	+0.110%	$42.5M	$151.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004820	−0.120%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0203%	8h	0.000004831	+0.106%	$41.8M	$493.3M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0212% / S −0.0092%	1h	0.000004000	−17.114%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004820	−0.122%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0348%	8h	0.000004815	−0.219%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0390%	8h	0.000004827	+0.033%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0432%	1h	0.000004823	−0.060%	$552	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0446%	8h	0.000004824	−0.035%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004822	−0.081%	$595K	$25.7M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0589%	1h	0.000004825	−0.023%	$92K	$615K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0656%	1h	0.000004829	+0.064%	$103K	$764K	25x	as long as short
Nado kPEPE-PERP	+0.0742%	1h	0.000004819	−0.145%	$186K	$855K	10x	as long as short
BingX 1000PEPE-USDT	+0.0785%	8h	0.000004832	+0.135%	—	$256.2M	—	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004832	+0.126%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0808%	1h	0.000004822	−0.081%	$136K	—	3x	as long as short
MEXC PEPE_USDTlong	+0.0811%	8h	0.000004826	long leg	$91.3M	$284.3M	300x
Binance 1000PEPEUSDT	+0.0811%	8h	0.000004821	−0.097%	$130.7M	$1.04B	75x	as long as short
Aster 1000PEPEUSDT	+0.0830%	8h	0.000004820	−0.112%	$1.5M	$7.0M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004825	−0.019%	$4K	$103K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0995%	1h	0.000004824	−0.039%	$82K	$94K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.1323%	1h	0.000004822	−0.076%	$3.9M	$13.3M	50x	as long as short