Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.030%

Price spread now: Coinbase International against SunX−0.104%7-day average −0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1481.478% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$5 on $10k

Price spread, last 3 days (all we have)−0.209%−$21 · spread now −0.104%, 7d avg −0.155%

Together, before fees−0.264%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.051% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.155%. Mind the row above: over the last 7 days funding on this pair cost −0.055%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.055% in total (about -2.9% 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	0.000004801	0.0100	pay 0.0100% / 8h	1h 11m	$2K	$2.4M	20x
Short	Coinbase International 1000PEPE-PERP-INTX	0.000004796	0.0448	get 0.0056% / 1h	11m 02s	$582K	$25.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.104%Rate

Funding earned: $73.08
Price spread: −0.104% → −0.155%: $5.1
Slippage, 4 orders: −$129.8
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.62
Costs to cover: 1.478%
Break-even: 13.7 days

Slippage from SunX: live order book, 5 min ago; Coinbase International: live order book, 3 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, 5 min ago	29.07 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	3.13 bp	10.6 bp −$11	14.1 bp −$141	49.9 bp −$4,993	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	0.000004793	−0.165%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004791	−0.198%	$14K	—	150x	as long as short
Lighter 1000PEPE	+0.0096%	1h	0.000004795	−0.125%	$669K	$6.0M	10x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004789	−0.250%	$62.7M	$82.9M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004796	−0.104%	$59K	$114K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004794	−0.142%	$87.0M	$283.1M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004791	−0.208%	$150.4M	$63.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004795	−0.127%	$24.7M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004782	−0.398%	$541K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004795	−0.120%	$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-USDTlong	+0.0100%	8h	0.000004801	long leg	$2K	$2.4M	20x
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004795	−0.125%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004794	−0.137%	$540K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0114%	8h	0.000004796	−0.115%	$42.1M	$148.8M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004794	−0.144%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0219%	8h	0.000004797	−0.083%	$41.5M	$491.8M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0275%	8h	0.000004796	−0.106%	$5K	$16	20x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0327% / S −0.0353%	1h	0.000004000	−16.684%	$43K	—	100x	as long as short
BloFin PEPE-USDT	+0.0338%	8h	0.000004795	−0.125%	$3.9M	$22.1M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0342%	8h	0.000004798	−0.060%	$2.3M	$6.4M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0376%	1h	0.000004796	−0.104%	$81K	$94K	25x	as long as short
01 Exchange kPEPEUSD	+0.0408%	1h	0.000004796	−0.104%	$549	$2K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0447%	1h	0.000004792	−0.187%	$101K	$763K	25x	as long as short
Coinbase International 1000PEPE-PERP-INTXshort	+0.0448%	1h	0.000004796	−0.104%	$582K	$25.5M	50x
Orderly PERP_1000PEPE_USDC	+0.0451%	8h	0.000004797	−0.083%	$29K	$11K	20x	as long as short
Backpack kPEPE_USDC_PERP	+0.0544%	1h	0.000004794	−0.150%	$92K	$614K	15x	as long as short
BingX 1000PEPE-USDC	+0.0749%	8h	0.000004793	−0.169%	—	$2.3M	—	as long as short
Nado kPEPE-PERP	+0.0751%	1h	0.000004797	−0.085%	$184K	$845K	10x	as long as short
Extended 1000PEPE-USD	+0.0752%	1h	0.000004795	−0.123%	$526K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0754%	8h	0.000004797	−0.081%	$130.5M	$1.04B	75x	as long as short
MEXC PEPE_USDT	+0.0760%	8h	0.000004797	−0.077%	$91.4M	$285.8M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0760%	1h	0.000004801	0.000%	$136K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0768%	8h	0.000004797	−0.077%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004814	+0.271%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSD	+0.1331%	1h	0.000004793	−0.159%	$3.9M	$13.3M	50x	as long as short