Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.055%

Price spread now: Bybit against Reya+0.070%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bybit

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bybit is 0.070% dearer against Reya than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya kPEPERUSDPERP	0.000004788	0.0189	pay 0.0024% / 1h	9m 55s	$7K	—	15x
Short	Bybit 1000PEPEUSDT	0.000004792	0.0100	get 0.0100% / 8h	1h 09m	$87.0M	$283.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$18.61
Price spread: +0.070% → 0.000%: $6.98
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.63
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.04 bp	7.3 bp −$7	11.6 bp −$116	34.6 bp −$3,458	181.2 bp −$90.6K

Reya: 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	0.000004787	−0.022%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004789	+0.024%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004797	+0.180%	$669K	$6.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004791	+0.055%	$62.9M	$83.2M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004790	+0.034%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDTshort	+0.0100%	8h	0.000004792	+0.070%	$87.0M	$283.2M	50x
Gate PEPE_USDT	+0.0100%	8h	0.000004788	−0.008%	$150.4M	$63.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004791	+0.055%	$24.7M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004794	+0.115%	$543K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004795	+0.144%	$28K	$343K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004796	+0.149%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004796	+0.160%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004792	+0.080%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0111%	8h	0.000004794	+0.122%	$42.1M	$148.8M	75x	as long as short
Reya kPEPERUSDPERPlong	+0.0189%	1h	0.000004788	long leg	$7K	—	15x
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004794	+0.118%	$41.4M	$491.6M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0271%	8h	0.000004787	−0.038%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0328% / S −0.0354%	1h	0.000004000	−16.464%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0338%	8h	0.000004795	+0.139%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0342%	8h	0.000004794	+0.112%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004789	+0.013%	$549	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	+0.076%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004796	+0.160%	$582K	$25.5M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0450%	8h	0.000004794	+0.118%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0544%	1h	0.000004794	+0.116%	$91K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0585%	1h	0.000004794	+0.118%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDC	+0.0735%	8h	0.000004791	+0.061%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0750%	8h	0.000004793	+0.092%	$130.4M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0752%	1h	0.000004791	+0.059%	$526K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000004795	+0.139%	$136K	—	3x	as long as short
Nado kPEPE-PERP	+0.0754%	1h	0.000004792	+0.073%	$184K	$845K	10x	as long as short
MEXC PEPE_USDT	+0.0754%	8h	0.000004798	+0.208%	$91.5M	$285.9M	300x	as long as short
Aster 1000PEPEUSDT	+0.0764%	8h	0.000004792	+0.079%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004814	+0.535%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1330%	1h	0.000004795	+0.129%	$3.9M	$13.3M	50x	as long as short