Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0610%/8h= −66.8% APRpaid last 24h −0.093%

Price spread now: Bybit against Nado−0.115%7-day average −0.034% · 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−$43as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.115%, 7d avg −0.034%

Together, before fees−0.128%+ Points / potential airdropNado: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Bybit is 0.081% cheaper against Nado than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.160% in total (about -17.0% 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	Nado kPEPE-PERP	0.000005025	0.0710	pay 0.0089% / 1h	23m 07s	$165K	$943K	10x
Short	Bybit 1000PEPEUSDT	0.000005019	0.0100	get 0.0100% / 8h	2h 23m	$98.3M	$405.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$128.07
Price spread: −0.115% → −0.034%: −$8.14
Slippage, 4 orders: −$17.32
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$171.54
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Nado: live order book, 25 min ago; Bybit: live order book, 1 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, 25 min ago	1.99 bp	8.2 bp −$8	27.5 bp −$275	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.00 bp	7.7 bp −$8	12.5 bp −$125	29.8 bp −$2,975	217.9 bp −$109.0K

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	0.000005024	−0.012%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0001%	1h	0.000005018	−0.145%	$6K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005027	+0.038%	$57K	$177K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000005019	−0.115%	$98.3M	$405.5M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000005018	−0.141%	$161.0M	$94.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005022	−0.067%	$24.9M	$71.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005002	−0.466%	$598K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004994	−0.619%	$27K	$537K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005028	+0.064%	$2K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005022	−0.067%	$562K	$4.1M	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	0.000005024	−0.030%	$8K	—	15x	as long as short
SoDEX 1000PEPE-USD	+0.0209%	1h	0.000005023	−0.041%	$2K	$10K	10x	as long as short
Bitget PEPEUSDT	+0.0333%	8h	0.000005020	−0.091%	$45.1M	$210.4M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0396%	8h	0.000005023	−0.033%	$33K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0422%	8h	0.000005019	−0.121%	$46.5M	$687.0M	50x	as long as short
BloFin PEPE-USDT	+0.0549%	8h	0.000005021	−0.081%	$4.4M	$28.0M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0560%	8h	0.000005029	+0.080%	$6K	—	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0639%	1h	0.000005020	−0.103%	$73K	$831K	15x	as long as short
Phemex u1000PEPEUSDT	+0.0646%	8h	0.000005024	−0.025%	$2.4M	$7.9M	50x	as long as short
Lighter 1000PEPE	+0.0656%	1h	0.000005028	+0.058%	$597K	$9.0M	10x	as long as short
01 Exchange kPEPEUSD	+0.0672%	1h	0.000005026	+0.018%	$606	$3K	10x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005025	−0.001%	$635K	$36.9M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0689%	1h	0.000005000	−0.499%	$154K	$813K	25x	as long as short
Nado kPEPE-PERPlong	+0.0710%	1h	0.000005025	long leg	$165K	$943K	10x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0747%	1h	0.000005021	−0.081%	$72K	$127K	25x	as long as short
BingX 1000PEPE-USDT	+0.0747%	8h	0.000005019	−0.119%	—	$239.2M	—	as long as short
MEXC PEPE_USDT	+0.0790%	8h	0.000005022	−0.065%	$95.8M	$302.2M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000005021	−0.081%	$530K	$277K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000005026	+0.018%	$142K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0793%	8h	0.000005021	−0.087%	$140.8M	$1.41B	75x	as long as short
Aster 1000PEPEUSDT	+0.0840%	8h	0.000005021	−0.073%	$1.8M	$11.2M	50x	as long as short
Kraken Futures PF_PEPEUSD	+0.0851%	1h	0.000005020	−0.094%	$4.6M	$16.7M	50x	as long as short
Hyperliquid kPEPE	+0.0981%	1h	0.000005024	−0.021%	$53.0M	$152.3M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1128% / S −0.2171%	1h	0.000005000	−0.499%	$63K	—	100x	as long as short
Injective PEPE/USDC PERP	+0.1379%	1h	0.000004992	−0.658%	$3K	$111K	12x	as long as short