Funding arb · Price arb /

PEPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.029%

Price spread now: dYdX against Variational Omni+0.075%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on dYdX

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. dYdX is 0.075% dearer against Variational Omni than usual: you sell high and buy low (spread +0.075% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000005052	0.0100	pay 0.0100% / 8h	7h 13m	$591K	$4.4M	—
Short	dYdX PEPE-USD	0.000005055	0	get 0.0000% / 1h	13m 33s	$19K	$95	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee dYdXbpOrdersPrice spread, now +0.075%Rate

Funding earned: −$21
Price spread: +0.075% → 0.000%: $7.47
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$23.53
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; dYdX: 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 Variational Omni RFQ quote, 1 min ago	4.95 bp	doesn't fit	20.8 bp −$208	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.0116%	1h	0.000005049	−0.062%	$3.9M	$14.2M	50x	as long as short
dYdX PEPE-USDshort	0.0000%	1h	0.000005055	+0.075%	$19K	$95	10x
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000005049	−0.056%	$15K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005058	+0.124%	$59K	$120K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005038	−0.272%	$94.8M	$309.0M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005055	+0.065%	$162.0M	$68.6M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000005057	+0.105%	$25.7M	$57.1M	75x	as long as short
Bitget PEPEUSDT	+0.0100%	8h	0.000005029	−0.444%	$44.7M	$154.6M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000005052	long leg	$591K	$4.4M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005071	+0.384%	$53K	$381K	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	0.000005055	+0.063%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000005050	−0.034%	$2K	$12K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005064	+0.251%	$570K	$3.5M	75x	as long as short
Phemex u1000PEPEUSDT	+0.0100%	8h	0.000005042	−0.198%	$2.4M	$6.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0146%	1h	0.000005050	−0.034%	$61K	$114K	25x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005029	−0.458%	$8K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0196%	8h	0.000005040	−0.232%	$44.9M	$543.6M	50x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0209%	1h	0.000005072	+0.402%	$105K	$750K	25x	as long as short
Paradex kPEPE-USD-PERP	+0.0259%	8h	0.000005055	+0.071%	$6K	$16	20x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0274%	8h	0.000005051	−0.010%	$31K	$14K	20x	as long as short
BloFin PEPE-USDT	+0.0313%	8h	0.000005087	+0.698%	$4.2M	$24.4M	75x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0368%	1h	0.000005061	+0.184%	$684K	$27.8M	50x	as long as short
BingX 1000PEPE-USDT	+0.0457%	8h	0.000005052	+0.004%	—	$257.5M	—	as long as short
Extended 1000PEPE-USD	+0.0480%	1h	0.000005050	−0.032%	$555K	$199K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0480%	1h	0.000005050	−0.034%	$143K	—	3x	as long as short
MEXC PEPE_USDT	+0.0483%	8h	0.000005047	−0.093%	$99.3M	$290.3M	300x	as long as short
Binance 1000PEPEUSDT	+0.0483%	8h	0.000005046	−0.112%	$139.4M	$1.12B	75x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0490% / S −0.0826%	1h	0.000005000	−1.024%	$47K	—	100x	as long as short
Aster 1000PEPEUSDT	+0.0537%	8h	0.000005055	+0.058%	$1.5M	$7.5M	50x	as long as short
Nado kPEPE-PERP	+0.0544%	1h	0.000005033	−0.363%	$189K	$863K	10x	as long as short
Lighter 1000PEPE	+0.0552%	1h	0.000005065	+0.263%	$664K	$6.8M	10x	as long as short
01 Exchange kPEPEUSD	+0.0592%	1h	0.000005049	−0.054%	$1K	$2K	10x	as long as short
Backpack kPEPE_USDC_PERP	+0.0605%	1h	0.000005046	−0.109%	$96K	$601K	15x	as long as short
Injective PEPE/USDC PERP	+0.0636%	1h	0.000005084	+0.639%	$4K	$102K	12x	as long as short
Hyperliquid kPEPE	+0.1845%	1h	0.000005080	+0.560%	$57.8M	$130.7M	10x	as long as short