Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.050%

Price spread now: Variational Omni against Reya+0.104%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 Variational Omni

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 · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.104% dearer against Reya than usual: you sell high and buy low (spread +0.104% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya kPEPERUSDPERP	0.000004789	0.0189	pay 0.0024% / 1h	9m 13s	$7K	—	15x
Short	Variational Omni 1000PEPE	0.000004794	0.0100	get 0.0100% / 8h	1h 09m	$543K	$4.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now +0.104%Rate

Funding earned: −$18.61
Price spread: +0.104% → 0.000%: $10.43
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.18
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	6.24 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit

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	0.000004789	−0.006%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004784	−0.110%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004789	+0.003%	$668K	$6.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004785	−0.081%	$62.9M	$83.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004792	+0.066%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004787	−0.030%	$87.0M	$283.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004787	−0.039%	$150.5M	$63.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004785	−0.089%	$24.7M	$54.0M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000004794	+0.104%	$543K	$4.0M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004796	+0.143%	$28K	$344K	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	+0.151%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004789	+0.003%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004787	−0.041%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0110%	8h	0.000004784	−0.091%	$42.0M	$148.8M	75x	as long as short
Reya kPEPERUSDPERPlong	+0.0189%	1h	0.000004789	long leg	$7K	—	15x
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004790	+0.024%	$41.4M	$491.2M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0268%	8h	0.000004793	+0.096%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0330% / S −0.0357%	1h	0.000004000	−16.473%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0339%	8h	0.000004790	+0.024%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0342%	8h	0.000004789	+0.003%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0400%	1h	0.000004794	+0.107%	$549	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	+0.066%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004791	+0.045%	$581K	$25.4M	50x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0450%	8h	0.000004790	+0.013%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0553%	1h	0.000004787	−0.035%	$91K	$615K	15x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0586%	1h	0.000004789	+0.003%	$81K	$94K	25x	as long as short
BingX 1000PEPE-USDT	+0.0726%	8h	0.000004787	−0.047%	—	$256.4M	—	as long as short
Extended 1000PEPE-USD	+0.0744%	1h	0.000004787	−0.038%	$526K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0745%	8h	0.000004791	+0.041%	$130.3M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0750%	8h	0.000004784	−0.097%	$91.6M	$285.9M	300x	as long as short
Nado kPEPE-PERP	+0.0750%	1h	0.000004791	+0.055%	$184K	$845K	10x	as long as short
Aevo 1000PEPE-PERP	+0.0752%	1h	0.000004793	+0.086%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0764%	8h	0.000004789	+0.009%	$1.5M	$7.2M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004795	+0.128%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1332%	1h	0.000004788	−0.018%	$3.9M	$13.3M	50x	as long as short