Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.080%

Price spread now: Lighter against SunX−0.104%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1421.421% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−0.147%−$15 · spread now −0.104%, 7d avg −0.121%

Together, before fees−0.064%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.121%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX 1000PEPE-USDT	0.000004897	0.0100	pay 0.0100% / 8h	7h 39m	$2K	$2.4M	20x
Short	Lighter 1000PEPE	0.000004892	0.0192	get 0.0024% / 1h	39m 14s	$572K	$6.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.104%Rate

Funding earned: $19.32
Price spread: −0.104% → −0.121%: $1.64
Slippage, 4 orders: −$134.14
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$121.17
Costs to cover: 1.421%
Break-even: 50.9 days

Slippage from SunX: live order book, 7 min ago; Lighter: live order book, 4 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, 7 min ago	29.13 bp	47.1 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	5.11 bp	8.2 bp −$8	17.7 bp −$177	48.4 bp −$4,840	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
Kraken Futures PF_PEPEUSD	−0.0120%	1h	0.000004889	−0.163%	$3.9M	$13.9M	50x	as long as short
dYdX PEPE-USD	0.0000%	1h	0.000004903	+0.125%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004887	−0.204%	$15K	—	150x	as long as short
Hyperliquid kPEPE	+0.0100%	1h	0.000004903	+0.120%	$59.9M	$111.7M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004907	+0.202%	$58K	$119K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004888	−0.186%	$89.8M	$301.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004890	−0.145%	$155.8M	$65.4M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004898	+0.012%	$24.8M	$55.9M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000004885	−0.239%	$42.8M	$152.2M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004891	−0.130%	$572K	$4.3M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004898	+0.011%	$26K	$351K	20x	as long as short
SunX 1000PEPE-USDTlong	+0.0100%	8h	0.000004897	long leg	$2K	$2.4M	20x
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004889	−0.165%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004905	+0.155%	$557K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000004882	−0.306%	$2.3M	$6.6M	50x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004898	+0.010%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0189%	8h	0.000004891	−0.125%	$43.1M	$518.5M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0190%	8h	0.000004904	+0.140%	$5K	$16	20x	as long as short
Lighter 1000PEPEshort	+0.0192%	1h	0.000004892	−0.104%	$572K	$6.7M	10x
Orderly PERP_1000PEPE_USDC	+0.0302%	8h	0.000004886	−0.235%	$30K	$13K	20x	as long as short
BloFin PEPE-USDT	+0.0309%	8h	0.000004889	−0.165%	$4.0M	$23.1M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000004889	−0.165%	$544K	$26.5M	50x	as long as short
Nado kPEPE-PERP	+0.0408%	1h	0.000004900	+0.056%	$187K	$848K	10x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0437%	1h	0.000004900	+0.059%	$101K	$754K	25x	as long as short
01 Exchange kPEPEUSD	+0.0440%	1h	0.000004897	−0.002%	$1K	$2K	10x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0455% / S −0.0677%	1h	0.000004000	−18.319%	$46K	—	100x	as long as short
BingX 1000PEPE-USDC	+0.0504%	8h	0.000004897	−0.008%	—	$2.3M	—	as long as short
Extended 1000PEPE-USD	+0.0512%	1h	0.000004887	−0.215%	$538K	$148K	25x	as long as short
Binance 1000PEPEUSDT	+0.0514%	8h	0.000004889	−0.169%	$137.0M	$1.09B	75x	as long as short
MEXC PEPE_USDT	+0.0517%	8h	0.000004891	−0.114%	$97.7M	$281.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0520%	1h	0.000004890	−0.145%	$138K	—	3x	as long as short
Aster 1000PEPEUSDT	+0.0531%	8h	0.000004894	−0.069%	$1.4M	$7.5M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0569%	1h	0.000004890	−0.145%	$73K	$103K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0584%	1h	0.000004902	+0.108%	$92K	$599K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000004908	+0.223%	$4K	$102K	12x	as long as short