Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.038%

Price spread now: Injective against Paradex−0.839%99s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Injective

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

Funding pays, the price is against you. Injective is 0.839% cheaper against Paradex than usual: you would sell low and buy high (spread −0.839% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$84 on $10k: about 26 days of funding at the current rate (+$3 a day). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex kPEPE-USD-PERP	0.000004850	0.0449	pay 0.0449% / 8h	2h 25m	$5K	$16	20x
Short	Injective PEPE/USDC PERP	0.000004809	0.0555	get 0.0069% / 1h	25m 34s	$4K	$110K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.839%Rate

Funding earned: $22.31
Price spread: −0.839% → 0.000%: −$83.86
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$65.57
Costs to cover: 0.040%
Break-even: 27.6 days

Slippage unknown: Paradex: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Paradex and Injective: 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	0.000004842	−0.162%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004844	−0.117%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004847	−0.055%	$57.7M	$70.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004851	+0.027%	$60K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004864	+0.291%	$88.2M	$273.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004846	−0.076%	$150.9M	$62.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004847	−0.045%	$25.1M	$53.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−1.039%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	−0.654%	$27K	$337K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004861	+0.227%	$2K	$2.4M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004856	+0.135%	$559K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0148%	8h	0.000004863	+0.275%	$41.6M	$490.6M	50x	as long as short
Bitget PEPEUSDT	+0.0178%	8h	0.000004863	+0.283%	$43.5M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004848	−0.027%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0260%	8h	0.000004813	−0.756%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0319% / S −0.0217%	1h	0.000004000	−17.520%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0390%	8h	0.000004856	+0.122%	$30K	$11K	20x	as long as short
Lighter 1000PEPE	+0.0440%	1h	0.000004850	+0.007%	$620K	$5.2M	10x	as long as short
Paradex kPEPE-USD-PERPlong	+0.0449%	8h	0.000004850	long leg	$5K	$16	20x
Phemex u1000PEPEUSDT	+0.0457%	8h	0.000004853	+0.071%	$2.3M	$6.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004853	+0.069%	$582K	$25.4M	50x	as long as short
Injective PEPE/USDC PERPshort	+0.0555%	1h	0.000004809	−0.839%	$4K	$110K	12x
Backpack kPEPE_USDC_PERP	+0.0611%	1h	0.000004852	+0.058%	$95K	$623K	15x	as long as short
Nado kPEPE-PERP	+0.0693%	1h	0.000004848	−0.033%	$192K	$856K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0736%	1h	0.000004809	−0.839%	$100K	$760K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0755%	1h	0.000004851	+0.021%	$3.9M	$13.1M	50x	as long as short
BingX 1000PEPE-USDC	+0.0784%	8h	0.000004845	−0.098%	—	$2.3M	—	as long as short
SoDEX 1000PEPE-USD	+0.0812%	1h	0.000004851	+0.027%	$2K	$9K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0832%	1h	0.000004840	−0.199%	$137K	—	3x	as long as short
MEXC PEPE_USDT	+0.0836%	8h	0.000004854	+0.083%	$91.4M	$290.5M	300x	as long as short
Extended 1000PEPE-USD	+0.0840%	1h	0.000004862	+0.244%	$534K	$147K	25x	as long as short
Binance 1000PEPEUSDT	+0.0845%	8h	0.000004867	+0.366%	$129.5M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0886%	8h	0.000004861	+0.231%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0988%	1h	0.000004854	+0.089%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1256%	1h	0.000004880	+0.625%	$559	$2K	10x	as long as short