Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1266%/8h= +138.6% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against Paradex+0.581%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 Hyperliquid

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 · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Hyperliquid is 0.581% dearer against Paradex than usual: you sell high and buy low: +$58 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	0.000004998	0.0232	pay 0.0232% / 8h	7h 18m	$6K	$16	20x
Short	Hyperliquid kPEPE	0.000005027	0.1498	get 0.0187% / 1h	18m 28s	$57.4M	$128.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.581%Rate

Funding earned: $265.8
Price spread: +0.581% → 0.000%: $58.06
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $310.87
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Hyperliquid: live order book, 5 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 Hyperliquid live order book, 5 min ago	2.98 bp	7.5 bp −$7	9.3 bp −$93	17.5 bp −$1,749	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
Kraken Futures PF_PEPEUSD	−0.0117%	1h	0.000004999	+0.021%	$3.9M	$14.2M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004997	−0.018%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005042	+0.889%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005007	+0.180%	$59K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004995	−0.060%	$93.7M	$307.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005000	+0.040%	$160.5M	$67.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005006	+0.162%	$25.8M	$56.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005000	+0.032%	$43.7M	$153.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005008	+0.194%	$576K	$4.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005015	+0.342%	$52K	$379K	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	0.000005040	+0.847%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004996	−0.040%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005043	+0.903%	$569K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005011	+0.253%	$2.4M	$6.7M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005003	+0.102%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0190%	8h	0.000005004	+0.120%	$44.5M	$536.9M	50x	as long as short
Paradex kPEPE-USD-PERPlong	+0.0232%	8h	0.000004998	long leg	$6K	$16	20x
ApeX Omni 1000PEPEUSDT	+0.0242%	1h	0.000005019	+0.421%	$104K	$749K	25x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0278%	8h	0.000005034	+0.711%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0308%	8h	0.000005011	+0.261%	$4.0M	$23.9M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004998	0.000%	$682K	$27.4M	50x	as long as short
BingX 1000PEPE-USDC	+0.0465%	8h	0.000004995	−0.062%	—	$2.3M	—	as long as short
Lighter 1000PEPE	+0.0472%	1h	0.000005009	+0.220%	$656K	$6.8M	10x	as long as short
Extended 1000PEPE-USD	+0.0480%	1h	0.000004995	−0.057%	$552K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0480%	8h	0.000005005	+0.140%	$98.7M	$287.7M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005040	+0.841%	$142K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0481%	8h	0.000004996	−0.038%	$138.0M	$1.11B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0484% / S −0.0458%	1h	0.000005000	+0.040%	$58K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0528%	8h	0.000005008	+0.202%	$1.4M	$7.5M	50x	as long as short
Nado kPEPE-PERP	+0.0535%	1h	0.000005000	+0.032%	$190K	$862K	10x	as long as short
01 Exchange kPEPEUSD	+0.0536%	1h	0.000005007	+0.180%	$1K	$2K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0547%	1h	0.000005024	+0.521%	$61K	$114K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0564%	1h	0.000005020	+0.445%	$95K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005029	+0.621%	$4K	$102K	12x	as long as short
Hyperliquid kPEPEshort	+0.1498%	1h	0.000005027	+0.581%	$57.4M	$128.3M	10x