Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0353%/8h= +38.6% APRpaid last 24h +0.027%

Price spread now: Aevo against Phemex+0.075%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,185as in the Price arb table

costs, in and out, $10k−$1,19711.969% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.075%, 7d avg −0.047%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Aevo is 0.122% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.047%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.085% in total (about 4.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004802	0.0463	pay 0.0463% / 8h	2h 28m	$2.3M	$6.4M	50x
Short	Aevo 1000PEPE-PERP	0.000004806	0.0816	get 0.0102% / 1h	28m 25s	$136K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now +0.075%Rate

Funding earned: $74.11
Price spread: +0.075% → −0.047%: $12.17
Slippage, 4 orders: −$1,168.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$1,110.65
Costs to cover: 11.969%
Break-even: 111.9 days

Slippage from Phemex: live order book, 5 min ago; Aevo: live order book, 60 min ago.

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 Phemex live order book, 5 min ago	6.95 bp	20.9 bp −$21	44.0 bp −$440	doesn't fit	doesn't fit
Sell Aevo live order book, 60 min ago	271.04 bp	587.9 bp −$588	doesn't fit	doesn't fit	doesn't fit

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	0.000004802	−0.002%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004800	−0.044%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004805	+0.054%	$57.1M	$70.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004808	+0.117%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004804	+0.029%	$88.6M	$272.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004798	−0.092%	$149.3M	$61.9M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004806	+0.069%	$25.3M	$53.1M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004799	−0.065%	$702K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004804	+0.023%	$27K	$338K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004817	+0.296%	$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	0.000004810	+0.154%	$554K	$3.6M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0140%	8h	0.000004807	+0.096%	$41.3M	$488.5M	50x	as long as short
Bitget PEPEUSDT	+0.0175%	8h	0.000004807	+0.090%	$43.2M	$152.2M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004805	+0.064%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0255%	8h	0.000004802	−0.008%	$3.9M	$21.7M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−16.708%	$52K	—	100x	as long as short
Lighter 1000PEPE	+0.0368%	1h	0.000004808	+0.117%	$591K	$5.1M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0384%	8h	0.000004806	+0.083%	$29K	$11K	20x	as long as short
Paradex kPEPE-USD-PERP	+0.0421%	8h	0.000004805	+0.060%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDTlong	+0.0463%	8h	0.000004802	long leg	$2.3M	$6.4M	50x
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004797	−0.112%	$574K	$25.3M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0540%	1h	0.000004804	+0.035%	$95K	$622K	15x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004804	+0.033%	$4K	$92K	12x	as long as short
Nado kPEPE-PERP	+0.0709%	1h	0.000004809	+0.137%	$181K	$851K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0726%	1h	0.000004803	+0.012%	$99K	$759K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0730%	1h	0.000004806	+0.075%	$2K	$9K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0762%	1h	0.000004806	+0.070%	$3.9M	$13.0M	50x	as long as short
BingX 1000PEPE-USDT	+0.0774%	8h	0.000004807	+0.094%	—	$255.0M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0792%	1h	0.000004805	+0.054%	$81K	$94K	25x	as long as short
Aevo 1000PEPE-PERPshort	+0.0816%	1h	0.000004806	+0.075%	$136K	—	3x
Extended 1000PEPE-USD	+0.0824%	1h	0.000004804	+0.037%	$526K	$147K	25x	as long as short
MEXC PEPE_USDT	+0.0825%	8h	0.000004805	+0.060%	$90.4M	$290.1M	300x	as long as short
Binance 1000PEPEUSDT	+0.0831%	8h	0.000004807	+0.091%	$127.8M	$1.02B	75x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000004809	+0.127%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1240%	1h	0.000004820	+0.366%	$552	$2K	10x	as long as short