Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0422%/8h= −46.2% APRpaid last 24h −0.011%

Price spread now: gTrade (Gains Network) against Orderly−0.073%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 gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and gTrade (Gains Network) is 0.073% cheaper against Orderly than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000004805	0.0428	pay 0.0428% / 8h	48m 24s	$30K	$12K	20x
Short	gTrade (Gains Network) PEPE/USD	0.000004801	L +0.0006% / S −0.0006%	get 0.0001% / 1h	48m 24s	$14K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.073%Rate

Funding earned: −$88.52
Price spread: −0.073% → 0.000%: −$7.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$111.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): no order-book sample. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and gTrade (Gains Network): 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	−0.0246%	1h	0.000004796	−0.179%	$67.2M	$87.9M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004803	−0.029%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USDshort	L +0.0006% / S −0.0006%	1h	0.000004801	−0.073%	$14K	—	150x
Kraken Futures PF_PEPEUSD	+0.0066%	1h	0.000004802	−0.049%	$3.9M	$13.5M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004806	+0.029%	$59K	$115K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004803	−0.027%	$86.4M	$287.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004803	−0.033%	$150.7M	$63.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004804	−0.006%	$24.6M	$54.2M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004803	−0.040%	$42.5M	$149.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004816	+0.235%	$585K	$4.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	+0.269%	$26K	$348K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004822	+0.362%	$101K	$760K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004814	+0.187%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004803	−0.033%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004805	+0.004%	$544K	$3.5M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004804	−0.015%	$7K	—	15x	as long as short
Lighter 1000PEPE	+0.0192%	1h	0.000004809	+0.092%	$635K	$6.3M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0213%	8h	0.000004806	+0.028%	$5K	$16	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0218%	8h	0.000004807	+0.050%	$41.6M	$497.6M	50x	as long as short
01 Exchange kPEPEUSD	+0.0224%	1h	0.000004808	+0.071%	$551	$2K	10x	as long as short
Phemex u1000PEPEUSDT	+0.0232%	8h	0.000004800	−0.100%	$2.3M	$6.4M	50x	as long as short
BloFin PEPE-USDT	+0.0337%	8h	0.000004804	−0.012%	$3.8M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0358% / S −0.0398%	1h	0.000004000	−16.746%	$42K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004802	−0.054%	$565K	$25.7M	50x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0428%	8h	0.000004805	long leg	$30K	$12K	20x
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004819	+0.300%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0583%	1h	0.000004806	+0.029%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0585%	1h	0.000004804	−0.012%	$91K	$601K	15x	as long as short
BingX 1000PEPE-USDC	+0.0682%	8h	0.000004804	−0.010%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0688%	1h	0.000004805	+0.015%	$529K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0691%	8h	0.000004808	+0.077%	$94.9M	$279.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0691%	8h	0.000004807	+0.042%	$131.9M	$1.05B	75x	as long as short
Aster 1000PEPEUSDT	+0.0692%	8h	0.000004805	+0.015%	$1.5M	$7.3M	50x	as long as short
Aevo 1000PEPE-PERP	+0.0696%	1h	0.000004805	+0.008%	$136K	—	3x	as long as short
Nado kPEPE-PERP	+0.0824%	1h	0.000004806	+0.032%	$184K	$845K	10x	as long as short