Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0361%/8h= +39.5% APRpaid last 24h +0.083%

Price spread now: Injective against Orderly−0.037%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 Injective

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. Injective is 0.037% cheaper against Orderly than usual: you would sell low and buy high (spread −0.037% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005086	0.0274	pay 0.0274% / 8h	7h 14m	$31K	$14K	20x
Short	Injective PEPE/USDC PERP	0.000005084	0.0636	get 0.0079% / 1h	14m 31s	$4K	$102K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.037%Rate

Funding earned: $75.85
Price spread: −0.037% → 0.000%: −$3.74
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $66.09
Costs to cover: 0.060%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 59 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 Injective live order book, 59 min ago	18.02 bp	18.0 bp −$18	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
Kraken Futures PF_PEPEUSD	−0.0115%	1h	0.000005088	+0.049%	$4.0M	$14.2M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000005060	−0.506%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005074	−0.236%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005071	−0.293%	$60K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005056	−0.586%	$95.1M	$308.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005063	−0.450%	$162.5M	$68.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005063	−0.450%	$26.0M	$57.0M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005059	−0.521%	$44.9M	$154.5M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005052	−0.672%	$591K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005019	−1.315%	$52K	$380K	20x	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	0.000005091	+0.102%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005086	+0.002%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005065	−0.411%	$570K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005083	−0.067%	$2.4M	$6.7M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0173%	1h	0.000005021	−1.276%	$104K	$750K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005075	−0.218%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0196%	8h	0.000005065	−0.411%	$45.2M	$545.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0252%	8h	0.000005060	−0.517%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0274%	8h	0.000005086	long leg	$31K	$14K	20x
BloFin PEPE-USDT	+0.0313%	8h	0.000005087	+0.022%	$4.2M	$24.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000005088	+0.041%	$694K	$28.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0457%	8h	0.000005062	−0.468%	—	$257.5M	—	as long as short
Extended 1000PEPE-USD	+0.0480%	1h	0.000005063	−0.460%	$557K	$163K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005073	−0.254%	$143K	—	3x	as long as short
MEXC PEPE_USDT	+0.0481%	8h	0.000005064	−0.435%	$100.4M	$290.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0483%	8h	0.000005063	−0.456%	$139.8M	$1.12B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0489% / S −0.0822%	1h	0.000005000	−1.689%	$48K	—	100x	as long as short
Nado kPEPE-PERP	+0.0516%	1h	0.000005077	−0.175%	$191K	$863K	10x	as long as short
Aster 1000PEPEUSDT	+0.0534%	8h	0.000005075	−0.216%	$1.5M	$7.5M	50x	as long as short
Lighter 1000PEPE	+0.0536%	1h	0.000005071	−0.293%	$664K	$6.8M	10x	as long as short
01 Exchange kPEPEUSD	+0.0584%	1h	0.000005067	−0.372%	$1K	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0602%	1h	0.000005090	+0.075%	$97K	$601K	15x	as long as short
Injective PEPE/USDC PERPshort	+0.0636%	1h	0.000005084	−0.037%	$4K	$102K	12x
Deribit 1000PEPE_USDC-PERPETUAL	+0.0931%	1h	0.000005088	+0.041%	$62K	$114K	25x	as long as short
Hyperliquid kPEPE	+0.1791%	1h	0.000005096	+0.199%	$57.9M	$130.4M	10x	as long as short