Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0300%/8h= +32.9% APRpaid last 24h +0.211%

Price spread now: Kraken Futures against Orderly−0.145%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 Kraken Futures

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. Kraken Futures is 0.145% cheaper against Orderly than usual: you would sell low and buy high (spread −0.145% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 39 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000005178	0.0410	pay 0.0410% / 8h	39m 43s	$34K	$26K	20x
Short	Kraken Futures PF_PEPEUSD	0.000005171	0.0710	get 0.0089% / 1h	39m 43s	$4.8M	$16.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.145%Rate

Funding earned: $63.03
Price spread: −0.145% → 0.000%: −$14.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $32.53
Costs to cover: 0.160%
Break-even: 3.4 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 4 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 Kraken Futures live order book, 4 min ago	5.28 bp	11.9 bp −$12	16.1 bp −$161	72.9 bp −$7,287	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	0.000005190	+0.239%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005174	−0.073%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005193	+0.288%	$60K	$182K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005160	−0.353%	$99.7M	$427.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005163	−0.292%	$163.4M	$98.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005207	+0.567%	$652K	$5.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005238	+1.150%	$29K	$545K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005185	+0.129%	$2K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005195	+0.336%	$604K	$4.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0122%	8h	0.000005173	−0.095%	$26.9M	$73.5M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni 1000PEPEUSDT	+0.0151%	1h	0.000005222	+0.848%	$152K	$832K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005168	−0.186%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0272%	8h	0.000005151	−0.525%	$46.1M	$219.2M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0319%	1h	0.000005170	−0.156%	$2K	$11K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0330%	1h	0.000005175	−0.060%	$74K	$127K	25x	as long as short
OKX PEPE-USDT-SWAP	+0.0381%	8h	0.000005159	−0.369%	$47.5M	$744.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0404%	1h	0.000005221	+0.828%	$8K	$120K	12x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0410%	8h	0.000005178	long leg	$34K	$26K	20x
Paradex kPEPE-USD-PERP	+0.0494%	8h	0.000005189	+0.208%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0503%	8h	0.000005210	+0.616%	$4.5M	$30.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0524%	8h	0.000005177	−0.023%	$2.4M	$8.1M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0539%	1h	0.000005171	−0.145%	$78K	$876K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0544%	1h	0.000005182	+0.075%	$695K	$39.5M	50x	as long as short
Lighter 1000PEPE	+0.0616%	1h	0.000005159	−0.369%	$613K	$9.0M	10x	as long as short
Nado kPEPE-PERP	+0.0671%	1h	0.000005182	+0.080%	$166K	$956K	10x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.0710%	1h	0.000005171	−0.145%	$4.8M	$16.8M	50x
BingX 1000PEPE-USDC	+0.0712%	8h	0.000005163	−0.297%	—	$2.3M	—	as long as short
01 Exchange kPEPEUSD	+0.0728%	1h	0.000005188	+0.191%	$626	$2K	10x	as long as short
Aster 1000PEPEUSDT	+0.0735%	8h	0.000005172	−0.112%	$1.8M	$11.8M	50x	as long as short
Extended 1000PEPE-USD	+0.0752%	1h	0.000005166	−0.237%	$542K	$284K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000005179	+0.017%	$146K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0752%	8h	0.000005164	−0.265%	$142.3M	$1.49B	75x	as long as short
MEXC PEPE_USDT	+0.0755%	8h	0.000005165	−0.253%	$100.9M	$305.3M	300x	as long as short
Hyperliquid kPEPE	+0.0927%	1h	0.000005162	−0.311%	$53.7M	$157.7M	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.1133% / S −0.2351%	1h	0.000005000	−3.439%	$64K	—	100x	as long as short