Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0221%/8h= +24.2% APRpaid last 24h +0.049%

Price spread now: Deribit against Orderly−0.048%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 Deribit

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. Deribit is 0.048% cheaper against Orderly than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005010	0.0328	pay 0.0328% / 8h	4h 48m	$33K	$24K	20x
Short	Deribit 1000PEPE_USDC-PERPETUAL	0.000005008	0.0549	get 0.0069% / 1h	48m 44s	$71K	$124K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: $46.48
Price spread: −0.048% → 0.000%: −$4.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $28.69
Costs to cover: 0.130%
Break-even: 2.7 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 40 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 Deribit live order book, 40 min ago	4.99 bp	8.5 bp −$8	doesn't fit	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	0.000005007	−0.076%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005000	−0.212%	$14K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005013	+0.052%	$64K	$140K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005008	−0.044%	$97.6M	$344.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005009	−0.028%	$165.8M	$75.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005013	+0.048%	$25.9M	$63.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005027	+0.324%	$675K	$4.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005050	+0.791%	$31K	$451K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005015	+0.100%	$1K	$2.4M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005012	+0.022%	$571K	$3.6M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEPEUSDT	+0.0158%	8h	0.000005012	+0.042%	$45.8M	$174.4M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005006	−0.093%	$8K	—	15x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005044	+0.671%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0328%	8h	0.000005010	long leg	$33K	$24K	20x
OKX PEPE-USDT-SWAP	+0.0359%	8h	0.000005014	+0.072%	$44.9M	$590.9M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0424%	1h	0.000005007	−0.068%	$2K	$12K	10x	as long as short
BloFin PEPE-USDT	+0.0480%	8h	0.000005004	−0.128%	$4.3M	$25.0M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUALshort	+0.0549%	1h	0.000005008	−0.048%	$71K	$124K	25x
BingX 1000PEPE-USDC	+0.0634%	8h	0.000005010	−0.004%	—	$2.3M	—	as long as short
Phemex u1000PEPEUSDT	+0.0649%	8h	0.000005007	−0.076%	$2.4M	$7.1M	50x	as long as short
Binance 1000PEPEUSDT	+0.0668%	8h	0.000005013	+0.056%	$141.0M	$1.22B	75x	as long as short
MEXC PEPE_USDT	+0.0668%	8h	0.000005014	+0.068%	$92.7M	$286.7M	300x	as long as short
Extended 1000PEPE-USD	+0.0672%	1h	0.000005014	+0.070%	$530K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0672%	1h	0.000005012	+0.032%	$142K	—	3x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005018	+0.152%	$951K	$31.6M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0676% / S −0.1055%	1h	0.000005000	−0.208%	$50K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0755%	8h	0.000005008	−0.048%	$1.8M	$9.2M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0771%	1h	0.000005004	−0.124%	$95K	$642K	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0788%	8h	0.000005009	−0.027%	$6K	—	20x	as long as short
Nado kPEPE-PERP	+0.0845%	1h	0.000005011	+0.004%	$191K	$876K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0878%	1h	0.000005031	+0.411%	$100K	$743K	25x	as long as short
01 Exchange kPEPEUSD	+0.0888%	1h	0.000005025	+0.291%	$606	$3K	10x	as long as short
Lighter 1000PEPE	+0.0904%	1h	0.000005014	+0.072%	$592K	$8.2M	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.1301%	1h	0.000005005	−0.103%	$4.3M	$15.4M	50x	as long as short
Hyperliquid kPEPE	+0.1392%	1h	0.000005016	+0.112%	$53.7M	$139.9M	10x	as long as short