Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0354%/8h= −38.7% APRpaid last 24h +0.097%

Price spread now: Lighter against Orderly+0.031%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Lighter

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 airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.031% dearer against Orderly than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000PEPE_USDC	0.000004790	0.0450	pay 0.0450% / 8h	1h 08m	$29K	$11K	20x
Short	Lighter 1000PEPE	0.000004791	0.0096	get 0.0012% / 1h	8m 43s	$668K	$6.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$74.29
Price spread: +0.031% → 0.000%: $3.13
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$77.16
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: 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 Lighter live order book, 4 min ago	4.17 bp	6.2 bp −$6	13.2 bp −$132	40.4 bp −$4,037	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	0.000004788	−0.024%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004784	−0.123%	$14K	—	150x	as long as short
Lighter 1000PEPEshort	+0.0096%	1h	0.000004791	+0.031%	$668K	$6.0M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004784	−0.115%	$62.9M	$83.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004790	+0.010%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004789	−0.002%	$87.0M	$283.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004786	−0.073%	$150.4M	$63.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004788	−0.025%	$24.7M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004794	+0.091%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004796	+0.130%	$28K	$344K	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	0.000004796	+0.138%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004789	−0.010%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004787	−0.054%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0108%	8h	0.000004787	−0.061%	$42.1M	$148.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004789	−0.013%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004792	+0.052%	$41.4M	$491.3M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0265%	8h	0.000004788	−0.041%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0330% / S −0.0357%	1h	0.000004000	−16.484%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004790	+0.010%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0342%	8h	0.000004789	−0.010%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004794	+0.094%	$549	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	+0.052%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004791	+0.031%	$581K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDClong	+0.0450%	8h	0.000004790	long leg	$29K	$11K	20x
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004787	−0.048%	$91K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0586%	1h	0.000004789	−0.010%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0726%	8h	0.000004788	−0.021%	—	$256.4M	—	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000004787	−0.052%	$526K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0745%	8h	0.000004793	+0.063%	$91.9M	$286.0M	300x	as long as short
Binance 1000PEPEUSDT	+0.0745%	8h	0.000004793	+0.067%	$130.4M	$1.04B	75x	as long as short
Nado kPEPE-PERP	+0.0750%	1h	0.000004791	+0.042%	$184K	$845K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000004793	+0.073%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0759%	8h	0.000004791	+0.038%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004795	+0.115%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1332%	1h	0.000004788	−0.032%	$3.9M	$13.3M	50x	as long as short