Funding arb · Price arb /

PEPE

all PEPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.2149%/8h= +235.3% APRpaid last 24h +0.154%

Price spread now: GMX against Variational Omni−2.372%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

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

Funding pays, the price is against you. GMX is 2.372% cheaper against Variational Omni than usual: you would sell low and buy high (spread −2.372% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$237 on $10k: about 3.7 days of funding at the current rate (+$64 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000PEPE	0.000005122	0.0100	pay 0.0100% / 8h	47m 05s	$604K	$5.3M	—
Short	GMX PEPE/USD [ETH-USDC]	0.000005000	L +0.1134% / S −0.2249%	get 0.0281% / 1h	47m 05s	$65K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −2.372%Rate

Funding earned: $451.31
Price spread: −2.372% → 0.000%: −$237.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $202.07
Costs to cover: 0.120%
Break-even: 3.9 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; GMX: 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, 2 min ago	4.88 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	0.000005199	+1.523%	$19K	$649	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0008%	1h	0.000005208	+1.691%	$4K	—	150x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000005201	+1.552%	$60K	$182K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000005214	+1.796%	$101.6M	$423.7M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000005205	+1.630%	$164.9M	$98.0M	75x	as long as short
Variational Omni 1000PEPElong	+0.0100%	8h	0.000005122	long leg	$604K	$5.3M	—
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000005131	+0.183%	$28K	$545K	20x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0100%	1h	0.000005142	+0.400%	$150K	$832K	25x	as long as short
SunX 1000PEPE-USDT	+0.0100%	8h	0.000005220	+1.925%	$1K	$2.7M	20x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000005208	+1.683%	$607K	$4.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PEPEUSDTM	+0.0119%	8h	0.000005212	+1.769%	$26.8M	$72.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000005218	+1.877%	$8K	—	15x	as long as short
Bitget PEPEUSDT	+0.0277%	8h	0.000005212	+1.771%	$46.9M	$218.1M	75x	as long as short
SoDEX 1000PEPE-USD	+0.0344%	1h	0.000005209	+1.708%	$2K	$11K	10x	as long as short
OKX PEPE-USDT-SWAP	+0.0390%	8h	0.000005214	+1.806%	$47.9M	$748.5M	50x	as long as short
Injective PEPE/USDC PERP	+0.0404%	1h	0.000005188	+1.298%	$8K	$120K	12x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0407%	8h	0.000005208	+1.681%	$34K	$26K	20x	as long as short
Phemex u1000PEPEUSDT	+0.0498%	8h	0.000005214	+1.800%	$2.4M	$8.1M	50x	as long as short
Paradex kPEPE-USD-PERP	+0.0499%	8h	0.000005200	+1.532%	$6K	—	20x	as long as short
BloFin PEPE-USDT	+0.0510%	8h	0.000005209	+1.708%	$4.6M	$30.3M	75x	as long as short
Backpack kPEPE_USDC_PERP	+0.0517%	1h	0.000005211	+1.744%	$75K	$871K	15x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0544%	1h	0.000005213	+1.787%	$704K	$39.6M	50x	as long as short
Lighter 1000PEPE	+0.0632%	1h	0.000005211	+1.748%	$619K	$9.0M	10x	as long as short
Nado kPEPE-PERP	+0.0650%	1h	0.000005214	+1.816%	$167K	$954K	10x	as long as short
Kraken Futures PF_PEPEUSD	+0.0705%	1h	0.000005207	+1.661%	$4.8M	$16.7M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0710%	1h	0.000005211	+1.748%	$74K	$127K	25x	as long as short
01 Exchange kPEPEUSD	+0.0712%	1h	0.000005213	+1.787%	$629	$2K	10x	as long as short
BingX 1000PEPE-USDC	+0.0719%	8h	0.000005208	+1.697%	—	$2.3M	—	as long as short
Aster 1000PEPEUSDT	+0.0733%	8h	0.000005216	+1.846%	$1.8M	$11.7M	50x	as long as short
MEXC PEPE_USDT	+0.0743%	8h	0.000005205	+1.636%	$101.1M	$303.9M	300x	as long as short
Aevo 1000PEPE-PERP	+0.0744%	1h	0.000005210	+1.728%	$147K	—	3x	as long as short
Binance 1000PEPEUSDT	+0.0749%	8h	0.000005217	+1.861%	$143.1M	$1.48B	75x	as long as short
Extended 1000PEPE-USD	+0.0752%	1h	0.000005208	+1.683%	$544K	$282K	25x	as long as short
Hyperliquid kPEPE	+0.0990%	1h	0.000005215	+1.826%	$54.2M	$157.2M	10x	as long as short
GMX PEPE/USD [ETH-USDC]short	L +0.1134% / S −0.2249%	1h	0.000005000	−2.372%	$65K	—	100x