Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1369%/8h= +149.9% APRpaid last 24h +0.095%

Price spread now: GMX against Phemex−20.050%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. GMX is 20.050% cheaper against Phemex than usual: you would sell low and buy high (spread −20.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,005 on $10k: about 49 days of funding at the current rate (+$41 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000005003	0.0650	pay 0.0650% / 8h	2h 36m	$2.4M	$7.9M	50x
Short	GMX PEPE/USD [ETH-USDC]	0.000004000	L +0.1083% / S −0.2019%	get 0.0252% / 1h	36m 22s	$63K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −20.050%Rate

Funding earned: $287.49
Price spread: −20.050% → 0.000%: −$2,004.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,741.46
Costs to cover: 0.240%
Break-even: 49.4 days

Slippage unknown: Phemex: live order book, 3 min ago; GMX: 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, 3 min ago	6.38 bp	15.0 bp −$15	33.4 bp −$334	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	0.000005008	+0.102%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0005% / S −0.0001%	1h	0.000004994	−0.174%	$6K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005015	+0.238%	$57K	$177K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004997	−0.122%	$98.6M	$403.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004997	−0.122%	$161.5M	$93.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004998	−0.102%	$25.2M	$70.6M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000005011	+0.151%	$601K	$5.4M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005003	−0.003%	$28K	$537K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005006	+0.054%	$1K	$2.6M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005000	−0.072%	$560K	$4.1M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit 1000PEPE_USDC-PERPETUAL	+0.0150%	1h	0.000004996	−0.142%	$71K	$127K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0153%	1h	0.000004997	−0.122%	$2K	$10K	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004998	−0.111%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0339%	8h	0.000004997	−0.120%	$45.0M	$209.6M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0407%	8h	0.000005001	−0.036%	$33K	$26K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0422%	8h	0.000004999	−0.082%	$46.1M	$681.1M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0539%	8h	0.000005009	+0.114%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0546%	8h	0.000005020	+0.338%	$4.4M	$27.9M	75x	as long as short
01 Exchange kPEPEUSD	+0.0648%	1h	0.000005010	+0.138%	$604	$3K	10x	as long as short
Phemex u1000PEPEUSDTlong	+0.0650%	8h	0.000005003	long leg	$2.4M	$7.9M	50x
Backpack kPEPE_USDC_PERP	+0.0675%	1h	0.000005018	+0.290%	$73K	$830K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0680%	1h	0.000005014	+0.218%	$637K	$36.8M	50x	as long as short
Lighter 1000PEPE	+0.0744%	1h	0.000005023	+0.398%	$596K	$9.0M	10x	as long as short
Nado kPEPE-PERP	+0.0747%	1h	0.000005002	−0.016%	$165K	$941K	10x	as long as short
BingX 1000PEPE-USDT	+0.0769%	8h	0.000005000	−0.066%	—	$238.7M	—	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000005004	+0.018%	$141K	—	3x	as long as short
MEXC PEPE_USDT	+0.0803%	8h	0.000005000	−0.058%	$97.0M	$300.9M	300x	as long as short
Binance 1000PEPEUSDT	+0.0804%	8h	0.000005003	−0.004%	$141.0M	$1.40B	75x	as long as short
Extended 1000PEPE-USD	+0.0808%	1h	0.000004995	−0.155%	$530K	$277K	25x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0832%	1h	0.000004993	−0.202%	$153K	$813K	25x	as long as short
Kraken Futures PF_PEPEUSD	+0.0855%	1h	0.000004994	−0.180%	$4.6M	$16.7M	50x	as long as short
Aster 1000PEPEUSDT	+0.0862%	8h	0.000005008	+0.095%	$1.8M	$11.1M	50x	as long as short
Hyperliquid kPEPE	+0.1032%	1h	0.000005004	+0.018%	$52.7M	$151.8M	10x	as long as short
GMX PEPE/USD [ETH-USDC]short	L +0.1083% / S −0.2019%	1h	0.000004000	−20.050%	$63K	—	100x
Injective PEPE/USDC PERP	+0.1379%	1h	0.000005034	+0.618%	$3K	$111K	12x	as long as short