Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0397%/8h= +43.5% APRpaid last 24h +0.076%

Price spread now: Backpack against Orderly−0.030%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.030% cheaper against Orderly than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000004947	0.0269	pay 0.0269% / 8h	6h 54m	$32K	$22K	20x
Short	Backpack kPEPE_USDC_PERP	0.000004945	0.0666	get 0.0083% / 1h	54m 26s	$100K	$621K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.030%Rate

Funding earned: $83.34
Price spread: −0.030% → 0.000%: −$3.03
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $64.31
Costs to cover: 0.160%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 14 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 14 min ago	4.93 bp	11.8 bp −$12	27.1 bp −$271	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000004934	−0.267%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004939	−0.170%	$3K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004933	−0.281%	$58K	$122K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004929	−0.352%	$95.2M	$315.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004928	−0.382%	$157.3M	$69.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004936	−0.220%	$24.8M	$58.6M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004935	−0.239%	$43.6M	$157.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004938	−0.185%	$556K	$4.5M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004983	+0.732%	$46K	$386K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004981	+0.689%	$106K	$751K	25x	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	0.000004952	+0.107%	$2K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004959	+0.253%	$550K	$3.6M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004948	+0.022%	$2.4M	$6.8M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004936	−0.211%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0196%	8h	0.000004940	−0.139%	$43.4M	$543.2M	50x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0269%	8h	0.000004947	long leg	$32K	$22K	20x
SoDEX 1000PEPE-USD	+0.0306%	1h	0.000004949	+0.042%	$2K	$12K	10x	as long as short
BloFin PEPE-USDT	+0.0317%	8h	0.000004949	+0.042%	$4.2M	$24.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0348%	8h	0.000004929	−0.352%	$6K	$16	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0424%	1h	0.000004953	+0.123%	$658K	$27.9M	50x	as long as short
BingX 1000PEPE-USDT	+0.0444%	8h	0.000004933	−0.273%	—	$257.9M	—	as long as short
Extended 1000PEPE-USD	+0.0464%	1h	0.000004934	−0.253%	$543K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0464%	1h	0.000004948	+0.022%	$140K	—	3x	as long as short
MEXC PEPE_USDT	+0.0465%	8h	0.000004927	−0.394%	$92.7M	$286.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0468%	8h	0.000004933	−0.281%	$135.8M	$1.15B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0502% / S −0.0408%	1h	0.000004000	−19.141%	$62K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004936	−0.225%	$1.6M	$7.9M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0560%	1h	0.000004944	−0.059%	$60K	$114K	25x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0666%	1h	0.000004945	−0.030%	$100K	$621K	15x
01 Exchange kPEPEUSD	+0.0832%	1h	0.000004935	−0.241%	$1K	$2K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0842%	1h	0.000004945	−0.038%	$3.9M	$14.4M	50x	as long as short
Nado kPEPE-PERP	+0.0879%	1h	0.000004939	−0.167%	$171K	$878K	10x	as long as short
Injective PEPE/USDC PERP	+0.0909%	1h	0.000004967	+0.406%	$4K	$102K	12x	as long as short
Lighter 1000PEPE	+0.1000%	1h	0.000004947	+0.002%	$639K	$6.8M	10x	as long as short
Hyperliquid kPEPE	+0.2456%	1h	0.000004947	+0.002%	$54.6M	$134.2M	10x	as long as short