Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0813%/8h= −89.0% APRpaid last 24h −0.033%

Price spread now: Bitget against Nado−0.061%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.061%, 7d avg +0.011%

Together, before fees−0.083%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bitget is 0.072% cheaper against Nado than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.047% in total (about -5.4% 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	Nado kPEPE-PERP	0.000004803	0.0913	pay 0.0114% / 1h	57m 21s	$184K	$845K	10x
Short	Bitget PEPEUSDT	0.000004800	0.0100	get 0.0100% / 8h	57m 21s	$42.3M	$149.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. 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 NadobpFee BitgetbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$170.73
Price spread: −0.061% → +0.011%: −$7.15
Slippage, 4 orders: −$20.58
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$217.46
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Nado: live order book, 21 min ago; Bitget: 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 Nado live order book, 21 min ago	3.13 bp	8.8 bp −$9	27.1 bp −$271	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.08 bp	8.9 bp −$9	10.7 bp −$107	27.6 bp −$2,761	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	−0.0046%	1h	0.000004795	−0.171%	$65.0M	$86.1M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004796	−0.155%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004797	−0.125%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004798	−0.105%	$3.9M	$13.4M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004802	−0.026%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004800	−0.067%	$86.7M	$286.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004800	−0.067%	$150.7M	$63.7M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004800	−0.065%	$24.6M	$54.1M	75x	as long as short
Bitget PEPEUSDTshort	+0.0100%	8h	0.000004800	−0.061%	$42.3M	$149.3M	75x
Variational Omni 1000PEPE	+0.0100%	8h	0.000004783	−0.424%	$548K	$4.0M	—	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	0.000004795	−0.175%	$28K	$344K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004808	+0.091%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004801	−0.046%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004799	−0.080%	$543K	$3.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004804	+0.012%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0220%	8h	0.000004801	−0.046%	$41.4M	$495.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0233%	8h	0.000004797	−0.128%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0285%	8h	0.000004801	−0.046%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0296%	1h	0.000004804	+0.016%	$550	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0342%	8h	0.000004802	−0.026%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0345% / S −0.0379%	1h	0.000004000	−16.723%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004803	−0.005%	$565K	$25.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0403%	1h	0.000004789	−0.296%	$101K	$760K	25x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004808	+0.099%	$4K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0443%	8h	0.000004801	−0.050%	$29K	$11K	20x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0584%	1h	0.000004801	−0.046%	$81K	$94K	25x	as long as short
Lighter 1000PEPE	+0.0584%	1h	0.000004802	−0.026%	$677K	$6.1M	10x	as long as short
BingX 1000PEPE-USDC	+0.0708%	8h	0.000004800	−0.061%	—	$2.3M	—	as long as short
Backpack kPEPE_USDC_PERP	+0.0711%	1h	0.000004808	+0.108%	$92K	$616K	15x	as long as short
Binance 1000PEPEUSDT	+0.0717%	8h	0.000004802	−0.015%	$131.5M	$1.05B	75x	as long as short
MEXC PEPE_USDT	+0.0718%	8h	0.000004803	+0.004%	$92.6M	$277.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0720%	1h	0.000004800	−0.067%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0720%	1h	0.000004803	−0.005%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0727%	8h	0.000004802	−0.019%	$1.5M	$7.2M	50x	as long as short
Nado kPEPE-PERPlong	+0.0913%	1h	0.000004803	long leg	$184K	$845K	10x