Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h +0.003%

Price spread now: Pacifica against Phemex−0.118%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.118%, 7d avg −0.031%

Together, before fees+0.117%+ Points / potential airdropPacifica: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Pacifica is 0.088% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.031%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.099%, 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	0.000004733	0.0190	pay 0.0190% / 8h	6m 16s	$2.3M	$6.5M	50x
Short	Pacifica kPEPE	0.000004727	0.0100	get 0.0013% / 1h	6m 16s	$55K	$119K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.118%Rate

Funding earned: −$18.81
Price spread: −0.118% → −0.031%: −$8.76
Slippage, 4 orders: −$40.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$88.01
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Pacifica: live order book, 6 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, 3 min ago	2.43 bp	14.4 bp −$14	25.9 bp −$259	doesn't fit	doesn't fit
Sell Pacifica live order book, 6 min ago	7.41 bp	13.0 bp −$13	21.4 bp −$214	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
Hyperliquid kPEPE	−0.0332%	1h	0.000004727	−0.118%	$68.5M	$98.9M	10x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004727	−0.110%	$17K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004724	−0.177%	$14K	—	150x	as long as short
Kraken Futures PF_PEPEUSD	+0.0067%	1h	0.000004728	−0.090%	$3.8M	$13.9M	50x	as long as short
Pacifica kPEPEshort	+0.0100%	1h	0.000004727	−0.118%	$55K	$119K	10x
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004731	−0.034%	$87.0M	$294.8M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004728	−0.097%	$149.8M	$65.1M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004731	−0.032%	$24.2M	$54.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004730	−0.055%	$41.8M	$151.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004725	−0.164%	$544K	$4.2M	—	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	0.000004722	−0.217%	$25K	$350K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000004722	−0.224%	$99K	$754K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004736	+0.076%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004730	−0.055%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004731	−0.032%	$535K	$3.5M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0177%	8h	0.000004731	−0.037%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0184%	1h	0.000004734	+0.030%	$571K	$6.6M	10x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004729	−0.072%	$7K	—	15x	as long as short
Phemex u1000PEPEUSDTlong	+0.0190%	8h	0.000004733	long leg	$2.3M	$6.5M	50x
OKX PEPE-USDT-SWAP	+0.0198%	8h	0.000004734	+0.030%	$42.0M	$496.0M	50x	as long as short
01 Exchange kPEPEUSD	+0.0312%	1h	0.000004735	+0.051%	$542	$2K	10x	as long as short
BloFin PEPE-USDT	+0.0325%	8h	0.000004730	−0.055%	$3.9M	$22.3M	75x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0348%	8h	0.000004727	−0.116%	$29K	$13K	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0391% / S −0.0429%	1h	0.000004000	−15.480%	$43K	—	100x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0400%	1h	0.000004711	−0.456%	$568K	$25.3M	50x	as long as short
Injective PEPE/USDC PERP	+0.0437%	1h	0.000004728	−0.097%	$4K	$102K	12x	as long as short
Backpack kPEPE_USDC_PERP	+0.0526%	1h	0.000004733	0.000%	$92K	$603K	15x	as long as short
BingX 1000PEPE-USDT	+0.0548%	8h	0.000004733	+0.002%	—	$257.4M	—	as long as short
Aster 1000PEPEUSDT	+0.0558%	8h	0.000004729	−0.084%	$1.5M	$7.3M	50x	as long as short
Binance 1000PEPEUSDT	+0.0566%	8h	0.000004733	+0.005%	$132.4M	$1.07B	75x	as long as short
Extended 1000PEPE-USD	+0.0568%	1h	0.000004729	−0.073%	$518K	$148K	25x	as long as short
MEXC PEPE_USDT	+0.0568%	8h	0.000004732	−0.015%	$88.4M	$283.4M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0568%	1h	0.000004730	−0.055%	$134K	—	3x	as long as short
Nado kPEPE-PERP	+0.0609%	1h	0.000004733	+0.014%	$179K	$849K	10x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0808%	1h	0.000004729	−0.076%	$76K	$98K	25x	as long as short