Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0200%/8h= +22.0% APRpaid last 24h −0.023%

Price spread now: Orderly against SoDEX−0.124%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Orderly

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—needs both histories

Funding pays, the price is against you. Orderly is 0.124% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 2.1 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX 1000PEPE-USD	0.000004933	0.0100	pay 0.0013% / 1h	36m 58s	$2K	$12K	10x
Short	Orderly PERP_1000PEPE_USDC	0.000004927	0.0300	get 0.0300% / 8h	7h 36m	$30K	$13K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now −0.124%Rate

Funding earned: $42.1
Price spread: −0.124% → 0.000%: −$12.37
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $15.73
Costs to cover: 0.140%
Break-even: 4.4 days

Slippage unknown: SoDEX: no order-book sample; Orderly: no order-book sample. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

SoDEX and Orderly: 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
Kraken Futures PF_PEPEUSD	−0.0119%	1h	0.000004934	+0.012%	$4.0M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004913	−0.400%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004928	−0.101%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004915	−0.365%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004935	+0.041%	$90.4M	$300.9M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004929	−0.081%	$156.3M	$65.5M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004933	0.000%	$25.2M	$55.8M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004935	+0.043%	$43.2M	$151.7M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004891	−0.857%	$572K	$4.3M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004900	−0.673%	$26K	$352K	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	0.000004942	+0.176%	$1K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USDlong	+0.0100%	1h	0.000004933	long leg	$2K	$12K	10x
HTX PEPE-USDT	+0.0100%	8h	0.000004930	−0.063%	$560K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004923	−0.209%	$2.4M	$6.6M	50x	as long as short
Hyperliquid kPEPE	+0.0116%	1h	0.000004942	+0.182%	$59.3M	$113.2M	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0188%	8h	0.000004941	+0.162%	$43.4M	$523.0M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004936	+0.052%	$7K	—	15x	as long as short
Paradex kPEPE-USD-PERP	+0.0193%	8h	0.000004918	−0.310%	$6K	$16	20x	as long as short
Lighter 1000PEPE	+0.0232%	1h	0.000004935	+0.041%	$577K	$6.7M	10x	as long as short
Orderly PERP_1000PEPE_USDCshort	+0.0300%	8h	0.000004927	−0.124%	$30K	$13K	20x
BloFin PEPE-USDT	+0.0307%	8h	0.000004937	+0.081%	$4.0M	$23.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004939	+0.122%	$591K	$26.7M	50x	as long as short
Nado kPEPE-PERP	+0.0411%	1h	0.000004938	+0.094%	$193K	$852K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0439%	1h	0.000004899	−0.689%	$101K	$753K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004940	+0.142%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0460% / S −0.0686%	1h	0.000004000	−18.913%	$46K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0504%	8h	0.000004927	−0.120%	—	$2.3M	—	as long as short
MEXC PEPE_USDT	+0.0508%	8h	0.000004933	−0.004%	$97.5M	$282.4M	300x	as long as short
Binance 1000PEPEUSDT	+0.0509%	8h	0.000004930	−0.060%	$138.1M	$1.09B	75x	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004935	+0.032%	$541K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0512%	1h	0.000004930	−0.061%	$139K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0527%	8h	0.000004932	−0.014%	$1.5M	$7.5M	50x	as long as short
Backpack kPEPE_USDC_PERP	+0.0577%	1h	0.000004937	+0.075%	$92K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004915	−0.365%	$4K	$102K	12x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0968%	1h	0.000004931	−0.041%	$70K	$107K	25x	as long as short