Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Variational Omni against Phemex+0.177%7-day average −0.143% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.045%−$4 on $10k

Price spread, last 3 days (all we have)−0.346%−$35 · spread now +0.177%, 7d avg −0.143%

Together, before fees−0.390%+ Points / potential airdropVariational Omni: Active · farm board−$39 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: Variational Omni is 0.320% dearer against Phemex than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of −0.143%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex u1000PEPEUSDT	0.000004882	0.0100	pay 0.0100% / 8h	7h 38m	$2.3M	$6.6M	50x
Short	Variational Omni 1000PEPE	0.000004891	0.0100	get 0.0100% / 8h	7h 38m	$572K	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.177%Rate

Funding earned: $0
Price spread: +0.177% → −0.143%: $31.95
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $19.95
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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, 5 min ago	4.71 bp	21.3 bp −$21	34.7 bp −$347	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	5.11 bp	doesn't fit	15.3 bp −$153	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	0.000004889	+0.144%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004903	+0.433%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004887	+0.102%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004896	+0.285%	$59.2M	$112.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004907	+0.510%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004890	+0.162%	$89.8M	$300.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004893	+0.223%	$156.0M	$65.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004894	+0.248%	$24.8M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004895	+0.272%	$42.9M	$152.2M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004891	+0.177%	$572K	$4.3M	—

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004898	+0.319%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004897	+0.307%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004889	+0.141%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004905	+0.463%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDTlong	+0.0100%	8h	0.000004882	long leg	$2.3M	$6.6M	50x
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004896	+0.285%	$43.1M	$519.3M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004898	+0.317%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0190%	8h	0.000004904	+0.448%	$5K	$16	20x	as long as short
Lighter 1000PEPE	+0.0192%	1h	0.000004892	+0.203%	$572K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0302%	8h	0.000004886	+0.072%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0309%	8h	0.000004889	+0.141%	$4.0M	$23.1M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004889	+0.141%	$544K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0408%	1h	0.000004900	+0.363%	$187K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0437%	1h	0.000004900	+0.367%	$101K	$754K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004897	+0.305%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0455% / S −0.0677%	1h	0.000004000	−18.068%	$46K	—	100x	as long as short
BingX 1000PEPE-USDT	+0.0496%	8h	0.000004896	+0.287%	—	$257.0M	—	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004896	+0.279%	$538K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0514%	8h	0.000004898	+0.332%	$137.3M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0517%	8h	0.000004901	+0.383%	$97.4M	$282.1M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000004890	+0.162%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0531%	8h	0.000004896	+0.275%	$1.4M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0569%	1h	0.000004890	+0.162%	$73K	$103K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0572%	1h	0.000004894	+0.238%	$93K	$600K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004908	+0.531%	$4K	$102K	12x	as long as short