Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.066%

Price spread now: Hyperliquid against Phemex+0.127%48s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.500% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.455%+$45 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.127%, 7d avg +0.064%

Together, before fees+0.384%+ Points / potential airdropHyperliquid: Season 2 · farm board+$38 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.063% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.064%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004897	0.0100	pay 0.0100% / 8h	7h 41m	$2.3M	$6.5M	50x
Short	Hyperliquid kPEPE	0.000004903	0.0100	get 0.0013% / 1h	41m 27s	$61.2M	$110.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.127%Rate

Funding earned: $0
Price spread: +0.127% → +0.064%: $6.27
Slippage, 4 orders: −$28.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$43.71
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: live order book, 12 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	4.71 bp	21.3 bp −$21	34.7 bp −$347	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.04 bp	10.9 bp −$11	14.8 bp −$148	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
Kraken Futures PF_PEPEUSD	−0.0120%	1h	0.000004896	−0.014%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004891	−0.117%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004893	−0.076%	$15K	—	150x	as long as short
Hyperliquid kPEPEshort	+0.0100%	1h	0.000004903	+0.127%	$61.2M	$110.5M	10x
Pacifica kPEPE	+0.0100%	1h	0.000004896	−0.016%	$57K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004893	−0.069%	$89.7M	$300.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004897	+0.004%	$155.7M	$65.3M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004899	+0.037%	$24.7M	$56.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004900	+0.057%	$43.0M	$152.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004859	−0.777%	$574K	$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	0.000004881	−0.319%	$26K	$350K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004902	+0.112%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004896	−0.016%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004892	−0.090%	$555K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTlong	+0.0100%	8h	0.000004897	long leg	$2.3M	$6.5M	50x
Lighter 1000PEPE	+0.0152%	1h	0.000004897	+0.004%	$571K	$6.7M	10x	as long as short
Paradex kPEPE-USD-PERP	+0.0187%	8h	0.000004895	−0.047%	$5K	$16	20x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004898	+0.034%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0189%	8h	0.000004900	+0.065%	$43.3M	$520.0M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0304%	8h	0.000004900	+0.055%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0312%	8h	0.000004890	−0.139%	$4.0M	$23.2M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004896	−0.016%	$557K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0396%	1h	0.000004897	+0.004%	$186K	$848K	10x	as long as short
01 Exchange kPEPEUSD	+0.0424%	1h	0.000004903	+0.127%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0451% / S −0.0669%	1h	0.000004000	−18.314%	$46K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0512%	8h	0.000004897	+0.002%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0518%	8h	0.000004900	+0.066%	$137.3M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0519%	8h	0.000004901	+0.088%	$96.7M	$281.5M	300x	as long as short
Extended 1000PEPE-USD	+0.0520%	1h	0.000004896	−0.017%	$538K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000004895	−0.037%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0534%	8h	0.000004901	+0.096%	$1.5M	$7.5M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0588%	1h	0.000004871	−0.527%	$101K	$754K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0608%	1h	0.000004894	−0.049%	$94K	$598K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004875	−0.445%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0976%	1h	0.000004898	+0.025%	$79K	$98K	25x	as long as short