Funding arb · Price arb / Crypto

PEPE

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LONGPhoenix▾Phemex −0.3494%GRVT −0.1217%N1 −0.0976%Kraken Futures −0.0749%Aster −0.0729%Pacifica −0.0585%Binance −0.0510%Extended −0.0504%MEXC −0.0498%Bitget −0.0496%Aevo −0.0488%OKX −0.0474%BloFin −0.0466%KuCoin −0.0366%Paradex −0.0271%Gate −0.0142%Orderly −0.0011%dYdX 0.0000%Deribit 0.0000%Backpack +0.0039%AZverse +0.0050%Lighter +0.0096%Hyperliquid +0.0100%Bybit +0.0100%BingX +0.0100%edgeX +0.0100%Polymarket Perps +0.0100%SunX +0.0100%TxFlow +0.0129%GMX +0.0131%ApeX Omni +0.0190%gTrade (Gains Network) +0.0287%Popdex +0.0360%Phoenix +0.0726%Nado +0.0777%HTX +0.0795%Injective +0.1376%SoDEX +0.1421%

⇄⇅

SHORTVariational Omni▾SoDEX +0.1421%Injective +0.1376%HTX +0.0795%Nado +0.0777%Popdex +0.0360%ApeX Omni +0.0190%TxFlow +0.0129%Hyperliquid +0.0100%Bybit +0.0100%BingX +0.0100%Variational Omni +0.0100%edgeX +0.0100%Polymarket Perps +0.0100%SunX +0.0100%Lighter +0.0096%AZverse +0.0050%Backpack +0.0039%dYdX 0.0000%Deribit 0.0000%Orderly −0.0011%gTrade (Gains Network) +0.0046%Gate −0.0142%GMX +0.0242%Paradex −0.0271%KuCoin −0.0366%BloFin −0.0466%OKX −0.0474%Aevo −0.0488%Bitget −0.0496%MEXC −0.0498%Extended −0.0504%Binance −0.0510%Pacifica −0.0585%Aster −0.0729%Kraken Futures −0.0749%N1 −0.0976%GRVT −0.1217%Phemex −0.3494%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PhoenixkPEPE	0.000004973	+0.0726	pay 0.0091% / 1h	11m 47s	$11K	$174K	10x	Long Phoenix
SHORT	Variational Omni1000PEPE	0.000004948	+0.0100	get 0.0100% / 8h	6h 11m	$750K	$5.0M	50x	Short Variational Omni+15% pts

Price gap−0.498%

Funding gap−0.0626% /8h

Both sides work against this direction now: funding costs $19 a day on $10k and the gap is 0.219% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.226% in total, about −0.0107%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.498%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

PhoenixVariational Omni

PEPE on 39 exchanges

lowest funding first

Before you open

2 ok · 4 to watch

• !
  Watch: Thin at this size24.3 / 22.2 bp

  At $10k entering Phoenix costs 24.3 bp, fee and slippage, 1.1× Variational Omni’s.
• i
  Note: Margin at max leverage$1,000 + $200

  Phoenix 10x, Variational Omni 50x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ1h / 8h

  Payments land at different times. Close right after the slower leg pays.

  Long Phoenix · 1h−$21.79

  Short Variational Omni · 8h+$3.00

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$18.79Long Phoenix: 24 payments, −$21.79; short Variational Omni: 3 payments, +$3.00.
• !
  Watch: Gap narrower than usual−0.498% vs −0.279%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Long leg is thinner$11K vs $750K OI

  Phoenix sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legVariational Omni points

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legPhoenix No · Variational Omni No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0107%/8h × 21 periods−$22.55

Price spread−0.498% → −0.279% (7d avg)−$21.87

Slippage, 4 orderslive order books−$75.96

Fee Phoenix bp × 2 orders−$7.00

Fee Variational Omni bp × 2 orders$0.00

Net · 7 days · $10k−$127.38

Costs to cover0.830%Break-evennever at this rate

Slippage: Phoenix: live order book, 5 min ago; Variational Omni: RFQ quote, 1 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGPhoenix3.9824.3 bp−$2479.1 bp−$791doesn’t fitdoesn’t fit

SELL · SHORTVariational Omni5.0622.2 bp−$2233.4 bp−$334doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

PEPE news

posts that mention PEPE, from every exchangeSearch all news →

10-28 16:00	OKX	Other	Europe, your next X Drops basket is here. ZEC, NEAR, SUI, TAO, PEPE, WLD, LINK, PUMP, ONDO and ZAMA are in, with 3.4M $ZAMA up for grabs. Trade @zama for 3× rewards. @okx on X ↗
10-22 06:00	KuCoin	Other	Fresh out of the oven: the coin cookie tray 🍪 BTC, ETH, SOL, DOGE, PEPE and more. Which one are you reaching for? Register and complete your first trade for a chance to share 5,000 USDT, up to 100 USDT each. Grab yours 👉 #FoodForYourThought #KuFood #KuCoin @kucoincom on X ↗
09-28 17:53	Phoenix	Listing	Now live on Phoenix: $SHIB - 10x leverage $PEPE - 10x leverage @PhoenixTrade on X ↗
09-24 15:00	Phoenix	Listing	new market kPEPE ($PEPE) seen by our collector
09-23 09:30	Phemex	Other	BTC is green. But the alts are doing the talking. $XRP +9.11% $PEPE +18.55% $ZEC +6.56% $NEAR +4.14% 👀 What are you watching? The next 100x gems? Comments below👇 @Phemex_official on X ↗