Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0393%/8h= +43.0% APRpaid last 24h +0.052%

Price spread now: Backpack against Paradex+0.143%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Backpack is 0.143% dearer against Paradex than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex kPEPE-USD-PERP	0.000004766	0.0182	pay 0.0182% / 8h	28m 55s	$5K	$16	20x
Short	Backpack kPEPE_USDC_PERP	0.000004773	0.0575	get 0.0072% / 1h	28m 55s	$90K	$602K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.143%Rate

Funding earned: $82.54
Price spread: +0.143% → 0.000%: $14.29
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $82.83
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 50 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 50 min ago	3.23 bp	8.3 bp −$8	25.8 bp −$258	doesn't fit	doesn't fit

Paradex: 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	−0.0155%	1h	0.000004764	−0.048%	$66.5M	$93.1M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004766	−0.002%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004766	−0.004%	$13K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004774	+0.151%	$3.8M	$13.7M	50x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004768	+0.036%	$59K	$116K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004770	+0.084%	$85.8M	$290.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004769	+0.057%	$149.6M	$64.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004769	+0.057%	$24.3M	$54.4M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004771	+0.109%	$42.1M	$150.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004765	−0.028%	$583K	$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	0.000004771	+0.098%	$26K	$351K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004769	+0.057%	$99K	$761K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004777	+0.229%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004774	+0.162%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004766	−0.017%	$540K	$3.5M	75x	as long as short
Lighter 1000PEPE	+0.0104%	1h	0.000004773	+0.141%	$601K	$6.4M	10x	as long as short
Paradex kPEPE-USD-PERPlong	+0.0182%	8h	0.000004766	long leg	$5K	$16	20x
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004770	+0.069%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDT	+0.0190%	8h	0.000004771	+0.090%	$2.3M	$6.4M	50x	as long as short
OKX PEPE-USDT-SWAP	+0.0205%	8h	0.000004773	+0.141%	$41.5M	$495.7M	50x	as long as short
01 Exchange kPEPEUSD	+0.0256%	1h	0.000004771	+0.099%	$547	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004772	+0.120%	$3.9M	$22.3M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0378% / S −0.0339%	1h	0.000004000	−16.077%	$47K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0389%	8h	0.000004775	+0.187%	$30K	$12K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004772	+0.120%	$569K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004776	+0.204%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0575%	1h	0.000004773	+0.143%	$90K	$602K	15x
Binance 1000PEPEUSDT	+0.0616%	8h	0.000004774	+0.161%	$130.9M	$1.06B	75x	as long as short
Extended 1000PEPE-USD	+0.0616%	1h	0.000004769	+0.058%	$524K	$148K	25x	as long as short
BingX 1000PEPE-USDC	+0.0616%	8h	0.000004771	+0.109%	—	$2.3M	—	as long as short
Aevo 1000PEPE-PERP	+0.0616%	1h	0.000004775	+0.183%	$135K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0617%	8h	0.000004769	+0.055%	$1.5M	$7.3M	50x	as long as short
MEXC PEPE_USDT	+0.0620%	8h	0.000004773	+0.141%	$91.5M	$281.1M	300x	as long as short
Nado kPEPE-PERP	+0.0682%	1h	0.000004772	+0.130%	$182K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0798%	1h	0.000004775	+0.183%	$77K	$98K	25x	as long as short