Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0130%/8h= −14.3% APRpaid last 24h +0.071%

Price spread now: Backpack against Phemex+0.006%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 3 days (all we have)−0.400%−$40 · spread now +0.006%, 7d avg −0.040%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.047% dearer against Phemex than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.040%): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 7 days funding on this pair paid +0.232%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004884	0.0421	pay 0.0421% / 8h	2h 49m	$2.3M	$6.3M	50x
Short	Backpack kPEPE_USDC_PERP	0.000004885	0.0291	get 0.0036% / 1h	49m 09s	$109K	$619K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$27.4
Price spread: +0.006% → −0.040%: $4.66
Slippage, 4 orders: −$53.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$98.49
Costs to cover: 0.757%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 39 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	24.32 bp	30.9 bp −$31	55.7 bp −$557	doesn't fit	doesn't fit
Sell Backpack live order book, 39 min ago	0.10 bp	5.3 bp −$5	17.2 bp −$172	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	0.000004864	−0.418%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0005%	1h	0.000004880	−0.098%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004884	−0.008%	$56.5M	$68.5M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004870	−0.295%	$57K	$109K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004881	−0.072%	$89.3M	$271.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004881	−0.070%	$148.9M	$60.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004884	−0.012%	$24.4M	$50.4M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004845	−0.816%	$708K	$3.7M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004830	−1.110%	$27K	$336K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004892	+0.162%	$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	0.000004871	−0.278%	$553K	$3.5M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0109%	8h	0.000004883	−0.029%	$41.9M	$493.8M	50x	as long as short
Lighter 1000PEPE	+0.0152%	1h	0.000004884	−0.008%	$546K	$5.0M	10x	as long as short
Bitget PEPEUSDT	+0.0174%	8h	0.000004884	−0.010%	$44.9M	$150.3M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004877	−0.149%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0225%	8h	0.000004884	−0.008%	$4.0M	$21.7M	75x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0291%	1h	0.000004885	+0.006%	$109K	$619K	15x
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0374%	1h	0.000004000	−18.107%	$42K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0339%	8h	0.000004878	−0.128%	$5K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0354%	8h	0.000004879	−0.117%	$30K	$10K	20x	as long as short
Phemex u1000PEPEUSDTlong	+0.0421%	8h	0.000004884	long leg	$2.3M	$6.3M	50x
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004874	−0.213%	$598K	$25.6M	50x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004880	−0.090%	$4K	$92K	12x	as long as short
SoDEX 1000PEPE-USD	+0.0616%	1h	0.000004884	−0.008%	$2K	$9K	10x	as long as short
Nado kPEPE-PERP	+0.0685%	1h	0.000004875	−0.182%	$182K	$868K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0750%	1h	0.000004885	+0.021%	$3.9M	$12.8M	50x	as long as short
BingX 1000PEPE-USDC	+0.0756%	8h	0.000004881	−0.068%	—	$2.3M	—	as long as short
ApeX Omni 1000PEPEUSDT	+0.0766%	1h	0.000004850	−0.704%	$101K	$757K	25x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0775%	1h	0.000004884	−0.008%	$82K	$94K	25x	as long as short
MEXC PEPE_USDT	+0.0791%	8h	0.000004888	+0.080%	$92.5M	$286.8M	300x	as long as short
Extended 1000PEPE-USD	+0.0792%	1h	0.000004883	−0.033%	$535K	$146K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0792%	1h	0.000004893	+0.176%	$138K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0794%	8h	0.000004890	+0.106%	$129.1M	$1.01B	75x	as long as short
Aster 1000PEPEUSDT	+0.0854%	8h	0.000004888	+0.063%	$1.5M	$6.8M	50x	as long as short
01 Exchange kPEPEUSD	+0.1640%	1h	0.000004886	+0.033%	$560	$2K	10x	as long as short