Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h +0.018%

Price spread now: edgeX against Orderly−0.969%71s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and edgeX is 0.969% cheaper against Orderly than usual: you would sell low and buy high (−$97 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000004771	0.0343	pay 0.0343% / 8h	1m 53s	$29K	$13K	20x
Short	edgeX 1000PEPEUSDC	0.000004725	0.0100	get 0.0050% / 4h	1m 53s	$25K	$351K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.969%Rate

Funding earned: −$51.06
Price spread: −0.969% → 0.000%: −$96.93
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$162.99
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; edgeX: live order book, 11 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 edgeX live order book, 11 min ago	0.85 bp	5.5 bp −$5	9.1 bp −$91	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
Hyperliquid kPEPE	−0.0331%	1h	0.000004765	−0.126%	$69.2M	$99.7M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004768	−0.061%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004766	−0.103%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004770	−0.021%	$3.9M	$13.9M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004771	0.000%	$56K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004766	−0.103%	$87.3M	$295.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004768	−0.063%	$151.2M	$65.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004772	+0.013%	$24.4M	$54.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004769	−0.034%	$42.1M	$151.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004725	−0.967%	$544K	$4.2M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDCshort	+0.0100%	4h	0.000004725	−0.969%	$25K	$351K	20x
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004740	−0.650%	$99K	$755K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004778	+0.138%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004772	+0.021%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004767	−0.082%	$539K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0158%	8h	0.000004770	−0.031%	$2.3M	$6.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0178%	8h	0.000004767	−0.077%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0184%	1h	0.000004773	+0.042%	$576K	$6.6M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004771	0.000%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0194%	8h	0.000004769	−0.042%	$42.6M	$500.8M	50x	as long as short
BloFin PEPE-USDT	+0.0315%	8h	0.000004763	−0.168%	$3.9M	$22.5M	75x	as long as short
01 Exchange kPEPEUSD	+0.0320%	1h	0.000004771	0.000%	$547	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0343%	8h	0.000004771	long leg	$29K	$13K	20x
GMX PEPE/USD [ETH-USDC]	L +0.0396% / S −0.0435%	1h	0.000004000	−16.160%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004771	0.000%	$559K	$25.7M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004746	−0.524%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0537%	1h	0.000004772	+0.021%	$93K	$603K	15x	as long as short
BingX 1000PEPE-USDC	+0.0548%	8h	0.000004769	−0.050%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0555%	8h	0.000004774	+0.071%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0558%	8h	0.000004770	−0.013%	$134.2M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0560%	1h	0.000004770	−0.020%	$524K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0560%	8h	0.000004773	+0.042%	$90.3M	$283.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0560%	1h	0.000004771	0.000%	$135K	—	3x	as long as short
Nado kPEPE-PERP	+0.0583%	1h	0.000004771	−0.006%	$180K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0799%	1h	0.000004771	0.000%	$77K	$98K	25x	as long as short