Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0438%/8h= −48.0% APRpaid last 24h −0.070%

Price spread now: OKX against Nado+0.016%7-day average −0.011% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.016%, 7d avg −0.011%

Together, before fees−0.178%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.027% dearer against Nado than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.011%): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 3 days (−0.086% in total) that is about 26 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.086% in total (about -9.2% 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	Nado kPEPE-PERP	0.000005343	0.0847	pay 0.0106% / 1h	52m 32s	$190K	$913K	10x
Short	OKX PEPE-USDT-SWAP	0.000005344	0.0409	get 0.0409% / 8h	3h 52m	$52.1M	$673.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$92.02
Price spread: +0.016% → −0.011%: $2.69
Slippage, 4 orders: −$21.14
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$127.46
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from Nado: live order book, 66 min ago; OKX: 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, 66 min ago	4.94 bp	12.6 bp −$13	38.4 bp −$384	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.95 bp	7.5 bp −$7	12.3 bp −$123	46.3 bp −$4,626	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	0.000005330	−0.254%	$20K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0007%	1h	0.000005336	−0.131%	$4K	—	150x	as long as short
Injective PEPE/USDC PERP	+0.0092%	1h	0.000005258	−1.593%	$3K	$110K	12x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005331	−0.227%	$70K	$152K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005335	−0.145%	$104.0M	$368.4M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005328	−0.283%	$175.3M	$85.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005341	−0.042%	$26.9M	$67.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005279	−1.208%	$747K	$5.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005275	−1.279%	$38K	$491K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005338	−0.102%	$1K	$2.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000005342	−0.019%	$618K	$3.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005336	−0.135%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0247%	8h	0.000005339	−0.070%	$49.2M	$183.8M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0375%	8h	0.000005335	−0.154%	$36K	$26K	20x	as long as short
OKX PEPE-USDT-SWAPshort	+0.0409%	8h	0.000005344	+0.016%	$52.1M	$673.0M	50x
BloFin PEPE-USDT	+0.0527%	8h	0.000005323	−0.377%	$4.6M	$27.9M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0589%	8h	0.000005329	−0.272%	$2.6M	$7.4M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0712%	1h	0.000005337	−0.115%	$758K	$36.1M	50x	as long as short
BingX 1000PEPE-USDC	+0.0742%	8h	0.000005345	+0.031%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000005341	−0.037%	$566K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000005334	−0.171%	$151K	—	3x	as long as short
MEXC PEPE_USDT	+0.0794%	8h	0.000005340	−0.051%	$103.9M	$291.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0794%	8h	0.000005346	+0.056%	$155.9M	$1.30B	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0799%	8h	0.000005331	−0.220%	$6K	—	20x	as long as short
Nado kPEPE-PERPlong	+0.0847%	1h	0.000005343	long leg	$190K	$913K	10x
GMX PEPE/USD [ETH-USDC]	L +0.0876% / S −0.1728%	1h	0.000005000	−6.422%	$65K	—	100x	as long as short
SoDEX 1000PEPE-USD	+0.0911%	1h	0.000005332	−0.208%	$2K	$10K	10x	as long as short
Aster 1000PEPEUSDT	+0.0921%	8h	0.000005332	−0.208%	$1.9M	$9.8M	50x	as long as short
Lighter 1000PEPE	+0.0984%	1h	0.000005328	−0.283%	$614K	$8.5M	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1065%	1h	0.000005332	−0.208%	$76K	$126K	25x	as long as short
01 Exchange kPEPEUSD	+0.1336%	1h	0.000005359	+0.297%	$646	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1419%	1h	0.000005329	−0.270%	$74K	$720K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1530%	1h	0.000005335	−0.154%	$4.9M	$16.2M	50x	as long as short
Hyperliquid kPEPE	+0.1713%	1h	0.000005348	+0.091%	$58.3M	$143.9M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.1840%	1h	0.000005272	−1.331%	$174K	$798K	25x	as long as short