Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0735%/8h= −80.5% APRpaid last 24h −0.049%

Price spread now: Variational Omni against SoDEX+0.300%7-day average — · you sell dearer than you buy

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

Long on SoDEX 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 airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.300% dearer against SoDEX than usual: you sell high and buy low (spread +0.300% now, against zero (this spread has no 7-day history yet)): +$30 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX 1000PEPE-USD	0.000005184	0.0835	pay 0.0104% / 1h	25m 18s	$2K	$10K	10x
Short	Variational Omni 1000PEPE	0.000005200	0.0100	get 0.0100% / 8h	4h 25m	$761K	$4.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.300%Rate

Funding earned: −$154.3
Price spread: +0.300% → 0.000%: $29.97
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$132.33
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SoDEX: no order-book sample; Variational Omni: RFQ quote, 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.79 bp	doesn't fit	29.7 bp −$297	doesn't fit	doesn't fit

SoDEX: 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	0.000005182	−0.048%	$19K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005171	−0.247%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005188	+0.077%	$66K	$144K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005177	−0.141%	$101.4M	$355.5M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005172	−0.231%	$173.2M	$79.8M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005182	−0.029%	$26.2M	$65.1M	75x	as long as short
Variational Omni 1000PEPEshort	+0.0100%	8h	0.000005200	+0.300%	$761K	$4.8M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005216	+0.623%	$42K	$463K	20x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005188	+0.069%	$1K	$2.5M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005185	+0.015%	$589K	$3.7M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005182	−0.033%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0199%	8h	0.000005181	−0.050%	$47.9M	$178.7M	75x	as long as short
Injective PEPE/USDC PERP	+0.0254%	1h	0.000005173	−0.212%	$3K	$102K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0347%	8h	0.000005182	−0.035%	$34K	$24K	20x	as long as short
OKX PEPE-USDT-SWAP	+0.0379%	8h	0.000005181	−0.058%	$49.0M	$627.5M	50x	as long as short
BloFin PEPE-USDT	+0.0498%	8h	0.000005166	−0.347%	$4.4M	$26.4M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0581%	8h	0.000005159	−0.482%	$2.6M	$7.3M	50x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0672%	1h	0.000005194	+0.193%	$1.0M	$33.5M	50x	as long as short
BingX 1000PEPE-USDT	+0.0698%	8h	0.000005177	−0.131%	—	$262.7M	—	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0716%	1h	0.000005179	−0.096%	$73K	$125K	25x	as long as short
Extended 1000PEPE-USD	+0.0736%	1h	0.000005181	−0.053%	$550K	$226K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0736%	1h	0.000005178	−0.116%	$146K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0740%	8h	0.000005186	+0.035%	$149.2M	$1.25B	75x	as long as short
MEXC PEPE_USDT	+0.0740%	8h	0.000005180	−0.077%	$98.1M	$290.5M	300x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0776% / S −0.1567%	1h	0.000005000	−3.549%	$64K	—	100x	as long as short
Paradex kPEPE-USD-PERP	+0.0809%	8h	0.000005190	+0.122%	$6K	—	20x	as long as short
SoDEX 1000PEPE-USDlong	+0.0835%	1h	0.000005184	long leg	$2K	$10K	10x
Lighter 1000PEPE	+0.0840%	1h	0.000005173	−0.212%	$594K	$8.3M	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0845%	1h	0.000005209	+0.482%	$104K	$744K	25x	as long as short
Aster 1000PEPEUSDT	+0.0848%	8h	0.000005181	−0.050%	$1.9M	$9.5M	50x	as long as short
Nado kPEPE-PERP	+0.0865%	1h	0.000005184	+0.004%	$191K	$898K	10x	as long as short
01 Exchange kPEPEUSD	+0.1144%	1h	0.000005185	+0.019%	$625	$3K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.1168%	1h	0.000005207	+0.446%	$99K	$666K	15x	as long as short
Kraken Futures PF_PEPEUSD	+0.1257%	1h	0.000005182	−0.029%	$4.6M	$15.9M	50x	as long as short
Hyperliquid kPEPE	+0.1590%	1h	0.000005190	+0.116%	$56.0M	$141.8M	10x	as long as short