Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.033%

Price spread now: dYdX against Phemex−0.192%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.192% cheaper against Phemex than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004923	0.0100	pay 0.0100% / 8h	7h 37m	$2.4M	$6.6M	50x
Short	dYdX PEPE-USD	0.000004913	0	get 0.0000% / 1h	37m 23s	$18K	$95	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$21
Price spread: −0.192% → 0.000%: −$19.17
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$62.17
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; dYdX: 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 Phemex live order book, 2 min ago	5.61 bp	19.2 bp −$19	33.8 bp −$338	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.0119%	1h	0.000004934	+0.221%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USDshort	0.0000%	1h	0.000004913	−0.192%	$18K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004928	+0.108%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004943	+0.412%	$59.4M	$112.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004915	−0.156%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004929	+0.128%	$90.2M	$300.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004932	+0.189%	$156.6M	$65.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004936	+0.270%	$25.1M	$55.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004931	+0.169%	$43.3M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004891	−0.649%	$572K	$4.3M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.465%	$26K	$352K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004942	+0.386%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004933	+0.209%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004930	+0.146%	$560K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTlong	+0.0100%	8h	0.000004923	long leg	$2.4M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004933	+0.209%	$43.4M	$522.0M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004936	+0.261%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0193%	8h	0.000004918	−0.102%	$6K	$16	20x	as long as short
Lighter 1000PEPE	+0.0232%	1h	0.000004935	+0.250%	$577K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0300%	8h	0.000004927	+0.085%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0307%	8h	0.000004937	+0.290%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.331%	$591K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0411%	1h	0.000004938	+0.304%	$193K	$852K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0439%	1h	0.000004899	−0.481%	$101K	$753K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004940	+0.351%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0460% / S −0.0686%	1h	0.000004000	−18.744%	$46K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0504%	8h	0.000004932	+0.187%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0508%	8h	0.000004941	+0.370%	$97.6M	$282.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0509%	8h	0.000004934	+0.228%	$138.2M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004929	+0.137%	$541K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004930	+0.148%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004927	+0.088%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0566%	1h	0.000004905	−0.355%	$93K	$600K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004915	−0.156%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0968%	1h	0.000004931	+0.169%	$70K	$107K	25x	as long as short