Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.061%

Price spread now: Coinbase International against Phemex−0.010%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$910.915% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now −0.010%, 7d avg −0.026%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000005211	0.0525	pay 0.0525% / 8h	4h 26m	$2.6M	$7.3M	50x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000005211	0.0672	get 0.0084% / 1h	26m 29s	$993K	$33.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.010%Rate

Funding earned: $30.82
Price spread: −0.010% → −0.026%: $1.63
Slippage, 4 orders: −$69.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$59.04
Costs to cover: 0.915%
Break-even: 20.4 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 3 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, 2 min ago	20.86 bp	34.6 bp −$35	38.1 bp −$381	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	6.70 bp	13.6 bp −$14	21.7 bp −$217	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	0.000005199	−0.241%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005200	−0.225%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005207	−0.086%	$66K	$144K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005194	−0.332%	$101.4M	$354.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005202	−0.182%	$174.5M	$79.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005202	−0.175%	$26.4M	$65.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005188	−0.459%	$760K	$4.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005196	−0.294%	$37K	$459K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005212	+0.017%	$2K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005226	+0.276%	$593K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005208	−0.073%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0198%	8h	0.000005189	−0.432%	$48.0M	$178.3M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−0.739%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0346%	8h	0.000005209	−0.054%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0378%	8h	0.000005206	−0.106%	$48.7M	$629.6M	50x	as long as short
BloFin PEPE-USDT	+0.0497%	8h	0.000005214	+0.048%	$4.4M	$26.5M	75x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0519%	1h	0.000005207	−0.086%	$74K	$125K	25x	as long as short
Phemex u1000PEPEUSDTlong	+0.0525%	8h	0.000005211	long leg	$2.6M	$7.3M	50x
Coinbase International 1000PEPE-PERP-INTXshort	+0.0672%	1h	0.000005211	−0.010%	$993K	$33.5M	50x
BingX 1000PEPE-USDC	+0.0684%	8h	0.000005190	−0.416%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000005189	−0.429%	$550K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0736%	1h	0.000005216	+0.086%	$147K	—	3x	as long as short
MEXC PEPE_USDT	+0.0738%	8h	0.000005207	−0.083%	$99.1M	$290.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0741%	8h	0.000005200	−0.229%	$149.6M	$1.25B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0771% / S −0.1552%	1h	0.000005000	−4.058%	$64K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0813%	8h	0.000005200	−0.221%	$6K	—	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0834%	1h	0.000005220	+0.163%	$104K	$743K	25x	as long as short
Nado kPEPE-PERP	+0.0841%	1h	0.000005215	+0.064%	$194K	$897K	10x	as long as short
Aster 1000PEPEUSDT	+0.0850%	8h	0.000005201	−0.195%	$1.9M	$9.5M	50x	as long as short
SoDEX 1000PEPE-USD	+0.0872%	1h	0.000005211	−0.010%	$2K	$10K	10x	as long as short
Lighter 1000PEPE	+0.0872%	1h	0.000005209	−0.048%	$599K	$8.3M	10x	as long as short
01 Exchange kPEPEUSD	+0.1160%	1h	0.000005192	−0.374%	$626	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1166%	1h	0.000005211	−0.010%	$99K	$666K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1250%	1h	0.000005212	+0.009%	$4.7M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1593%	1h	0.000005213	+0.029%	$56.2M	$141.7M	10x	as long as short