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Funding arb · Price arb /

PEPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.2557%/8h= +280.0% APRnext payment +$3.20 per $10,000 · paid last 24h +0.068%
Price spread now: Hyperliquid against Pacifica+0.344%7-day average +0.098% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$27as in the Price arb table
costs, in and out, $10k−$510.514% of the position
Long on PacificaShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.361%+$36 on $10k
Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.344%, 7d avg +0.098%
Together, before fees+0.164%+ Points / potential airdropPacifica: Active · Hyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$77 a day on $10k at the current rate, and Hyperliquid is 0.246% dearer against Pacifica than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.098%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.361% in total (about 18.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.20 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPacifica kPEPE0.0000049430.0100pay 0.0013% / 1h56m 39s$58K$122K10x
ShortHyperliquid kPEPE0.0000049600.2657get 0.0332% / 1h56m 39s$54.8M$133.9M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Pacifica. 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

Funding earned
$537.04
Price spread: +0.344% → +0.098%
$24.59
Slippage, 4 orders
−$34.4
Fee Pacifica: 4 bp × 2 orders
−$8
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$510.22
Costs to cover
0.514%
Break-even
0.3 days
Slippage from Pacifica: live order book, 11 min ago; Hyperliquid: live order book, 7 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Pacifica live order book, 11 min ago6.87 bp14.2 bp −$1422.7 bp −$227doesn't fitdoesn't fit
Sell Hyperliquid live order book, 7 min ago2.98 bp11.0 bp −$1114.7 bp −$147doesn't fitdoesn't fit

PEPE on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX PEPE-USD0.0000%1h0.000004934−0.189%$18K$9510xas long as short
gTrade (Gains Network) PEPE/USDL +0.0005% / S −0.0005%1h0.000004968+0.504%$3K—150xas long as short
Pacifica kPEPElong+0.0100%1h0.000004943long leg$58K$122K10x
Bybit 1000PEPEUSDT+0.0100%8h0.000004932−0.223%$94.6M$314.4M50xas long as short
Gate PEPE_USDT+0.0100%8h0.000004933−0.202%$157.9M$68.8M75xas long as short
KuCoin PEPEUSDTM+0.0100%8h0.000004944+0.022%$24.9M$58.5M75xas long as short
Bitget PEPEUSDT+0.0100%8h0.000004935−0.162%$43.9M$157.3M75xas long as short
Variational Omni 1000PEPE+0.0100%8h0.000004975+0.640%$544K$4.5M—as long as short
edgeX 1000PEPEUSDC+0.0100%4h0.000004990+0.950%$46K$385K20xas long as short
SunX 1000PEPE-USDT+0.0100%8h0.000004978+0.702%$1K$2.4M20xas long as short
Show all 35 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX PEPE-USDT+0.0100%8h0.000004985+0.854%$555K$3.5M75xas long as short
Phemex u1000PEPEUSDT+0.0100%8h0.000004964+0.431%$2.4M$6.8M50xas long as short
Reya kPEPERUSDPERP+0.0189%1h0.000004973+0.614%$8K—15xas long as short
OKX PEPE-USDT-SWAP+0.0194%8h0.000004936−0.142%$43.4M$541.6M50xas long as short
ApeX Omni 1000PEPEUSDT+0.0199%1h0.000004986+0.870%$106K$751K25xas long as short
Orderly PERP_1000PEPE_USDC+0.0270%8h0.000004975+0.643%$32K$22K20xas long as short
SoDEX 1000PEPE-USD+0.0307%1h0.000004966+0.465%$2K$12K10xas long as short
BloFin PEPE-USDT+0.0314%8h0.000004969+0.526%$4.2M$24.3M75xas long as short
Paradex kPEPE-USD-PERP+0.0335%8h0.000004928−0.304%$6K$1620xas long as short
Coinbase International 1000PEPE-PERP-INTX+0.0424%1h0.000004974+0.627%$642K$28.0M50xas long as short
BingX 1000PEPE-USDT+0.0451%8h0.000004937−0.125%—$257.8M—as long as short
Extended 1000PEPE-USD+0.0464%1h0.000004937−0.118%$543K$199K25xas long as short
Aevo 1000PEPE-PERP+0.0464%1h0.000004972+0.587%$141K—3xas long as short
MEXC PEPE_USDT+0.0467%8h0.000004942−0.016%$93.6M$286.6M300xas long as short
Binance 1000PEPEUSDT+0.0468%8h0.000004945+0.031%$136.1M$1.14B75xas long as short
GMX PEPE/USD [ETH-USDC]L +0.0501% / S −0.0408%1h0.000004000−19.077%$62K—100xas long as short
Aster 1000PEPEUSDT+0.0528%8h0.000004957+0.284%$1.7M$7.8M50xas long as short
Deribit 1000PEPE_USDC-PERPETUAL+0.0555%1h0.000004973+0.607%$60K$114K25xas long as short
Lighter 1000PEPE+0.0744%1h0.000004951+0.162%$639K$6.8M10xas long as short
Nado kPEPE-PERP+0.0833%1h0.000004977+0.683%$179K$872K10xas long as short
Kraken Futures PF_PEPEUSD+0.0839%1h0.000004962+0.387%$3.9M$14.3M50xas long as short
Backpack kPEPE_USDC_PERP+0.0865%1h0.000004958+0.308%$98K$615K15xas long as short
01 Exchange kPEPEUSD+0.0872%1h0.000004950+0.142%$1K$2K10xas long as short
Injective PEPE/USDC PERP+0.0909%1h0.000005000+1.153%$4K$102K12xas long as short
Hyperliquid kPEPEshort+0.2657%1h0.000004960+0.344%$54.8M$133.9M10x