Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0600%/8h= +65.7% APRpaid last 24h +0.068%

Price spread now: Backpack against SunX−0.304%7-day average −0.172% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1451.447% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now −0.304%, 7d avg −0.172%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.132% cheaper against SunX than usual: you would sell low and buy high (spread −0.304% now, against its 7-day average of −0.172%). If the spread goes back, that is −$13 on $10k: about 18 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.130% in total) that is about 7.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX 1000PEPE-USDT	0.000004842	0.0100	pay 0.0100% / 8h	2h 13m	$2K	$2.4M	20x
Short	Backpack kPEPE_USDC_PERP	0.000004827	0.0700	get 0.0088% / 1h	13m 25s	$93K	$622K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.304%Rate

Funding earned: $126.03
Price spread: −0.304% → −0.172%: −$13.2
Slippage, 4 orders: −$126.66
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.82
Costs to cover: 1.447%
Break-even: 8.8 days

Slippage from SunX: live order book, 3 min ago; Backpack: live order book, 10 min ago.

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 SunX live order book, 3 min ago	29.03 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	0.10 bp	5.4 bp −$5	17.0 bp −$170	doesn't fit	doesn't fit

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	0.000004812	−0.612%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004828	−0.281%	$14K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004803	−0.801%	$58.0M	$72.1M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004816	−0.533%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004801	−0.843%	$87.4M	$275.3M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004813	−0.595%	$150.3M	$62.2M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004816	−0.529%	$25.0M	$53.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004810	−0.651%	$559K	$3.8M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004818	−0.494%	$27K	$342K	20x	as long as short
SunX 1000PEPE-USDTlong	+0.0100%	8h	0.000004842	long leg	$2K	$2.4M	20x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PEPE-USDT	+0.0100%	8h	0.000004837	−0.089%	$557K	$3.4M	75x	as long as short
OKX PEPE-USDT-SWAP	+0.0164%	8h	0.000004803	−0.801%	$41.3M	$484.2M	50x	as long as short
Bitget PEPEUSDT	+0.0180%	8h	0.000004805	−0.764%	$42.4M	$150.7M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004804	−0.773%	$7K	—	15x	as long as short
BloFin PEPE-USDT	+0.0279%	8h	0.000004829	−0.264%	$3.9M	$21.8M	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0318% / S −0.0217%	1h	0.000004000	−17.386%	$52K	—	100x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0409%	8h	0.000004836	−0.126%	$30K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0464%	1h	0.000004826	−0.326%	$581K	$25.2M	50x	as long as short
Phemex u1000PEPEUSDT	+0.0477%	8h	0.000004835	−0.134%	$2.3M	$6.4M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0518%	8h	0.000004816	−0.540%	$5K	$16	20x	as long as short
Injective PEPE/USDC PERP	+0.0555%	1h	0.000004817	−0.512%	$4K	$110K	12x	as long as short
Lighter 1000PEPE	+0.0648%	1h	0.000004820	−0.450%	$610K	$5.3M	10x	as long as short
Backpack kPEPE_USDC_PERPshort	+0.0700%	1h	0.000004827	−0.304%	$93K	$622K	15x
Nado kPEPE-PERP	+0.0743%	1h	0.000004807	−0.720%	$188K	$848K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0758%	1h	0.000004833	−0.185%	$3.9M	$13.1M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0765%	1h	0.000004818	−0.492%	$102K	$761K	25x	as long as short
SoDEX 1000PEPE-USD	+0.0812%	1h	0.000004833	−0.182%	$2K	$9K	10x	as long as short
BingX 1000PEPE-USDT	+0.0813%	8h	0.000004815	−0.558%	—	$254.7M	—	as long as short
Aevo 1000PEPE-PERP	+0.0856%	1h	0.000004827	−0.306%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0863%	8h	0.000004819	−0.473%	$91.7M	$291.7M	300x	as long as short
Binance 1000PEPEUSDT	+0.0863%	8h	0.000004811	−0.645%	$128.2M	$1.02B	75x	as long as short
Extended 1000PEPE-USD	+0.0864%	1h	0.000004815	−0.545%	$529K	$147K	25x	as long as short
Aster 1000PEPEUSDT	+0.0896%	8h	0.000004821	−0.430%	$1.5M	$6.8M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.1200%	1h	0.000004835	−0.140%	$82K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.1216%	1h	0.000004821	−0.430%	$552	$2K	10x	as long as short